LKQ Enters Aftermarket Through GTA Acquisition
LKQ Corp., a nationwide provider of recycled OEM automotive replacement parts, has acquired Global Trade Alliance (GTA), one of the largest suppliers of aftermarket collision automotive replacement parts in the Midwest. GTA operates primarily as Action Crash Parts and Midwest Fender. LKQ paid $30 million for the acquisition, $1.5 million of which was in LKQ common stock and the balance of which was in cash and assumed debt.
Goodyear Completes $650 Million Loan
Goodyear Tire & Rubber has completed a new $650 million secured term loan that was arranged by JPMorgan and Citigroup. The company said it intends to use approximately $335 million of the proceeds of the loan to partially repay its existing $583 million U.S. term loan. Proceeds will also be used to repay other indebtedness and for general corporate purposes.
Bosch Promotes Platinum Spark Plugs with Rebate Offer, Sweepstakes
Robert Bosch Corp. hopes to draw customer attention to the advantages of installing Bosch Platinum spark plugs with its new “Get the Big Picture” sweepstakes. The promotion gives customers a chance to win an RCA 61-inch DLP HDTV, in addition to a 60 cent rebate on the purchase of four Platinum Spark Plugs.
Car Care Council Women’s Board Expands Scholarship Program in 2004
The Car Care Council Women’s Board is increasing the number of scholarships it will be awarding in 2004, in an effort to recruit and retain talented women in the automotive aftermarket industry. The Women’s Board will be awarding a $1,000 scholarship and two $500 scholarships to female students who have completed at least one year in an ASE-certified, post-secondary automobile technology program and plan on entering the automotive field upon graduation. In addition, two $500 scholarships will be awarded to high school female students who will attend an ASE-certified, post-secondary automobile technology program and plan on entering the automotive field upon graduation.
WIX Filters and Joe Gibbs Racing Create New Cabin Filtration System
WIX Filters has teamed up with the engineers and staff at Joe Gibbs Racing to create a new cabin air filtration system designed to protects drivers’ respiratory systems from particulate matter, like dust, soot and rubber; noxious fumes, gas and oil vapors, and most importantly, carbon monoxide. WIX Filters currently holds the U.S. patent application for the filtration system on file with the U.S. Patent Office. WIX has entered an agreement with Joe Gibbs Racing to manufacture and sell these U.S. Patent Pending air filtration system units to other race teams, making this technology and protection available to the entire racing community.
CCAR Partners with OSHA to Create a Safe Workplace in the Auto Industry
The Coordinating Committee For Automotive Repair (CCAR) has formalized an alliance with the Occupational Safety and Health Administration (OSHA) to address worker safety and health issues in the automotive industry. The alliance not only highlights workplace vehicle safety, but will also focus on abrasive wheel machinery (including associated silica hazards) and ergonomics. The alliance provides CCAR affiliates and others in the automotive industry with information, guidance and access to training resources that will further safety and health for industry workers.
Genuine Parts Co. Reports 2003 Results
Completing its 76th year in operation, Genuine Parts Co. (GPC) has reported sales and earnings for the year, which ended December 31, 2003. Sales in 2003 were $8.4 billion, up 2.3 percent compared to the previous year. Net income for the year, before the cumulative effect of changes in accounting principles related to cash consideration from vendors and goodwill, was $354 million, compared to $368 million, for the same period in the prior year, a decrease of 4 percent.
Precision Auto Care Reports Second Quarter Results
Precision Auto Care reported a profit of approximately $266,000 or $0.01 per share for the fiscal quarter ending December 31, 2003, compared with a profit of $6.6 million or $0.44 per share for the comparable prior year quarter.
Siemens VDO Automotive to Establish Diesel Systems Group; Focus on R&D, Testing
Siemens VDO Automotive has announced plans to establish a new division with headquarters in Columbia, Richland County, S.C. The new division — Powertrain Diesel Systems North America — will become a national center for research and development, engineering and testing of diesel fuel technology, including piezo electronic fuel injectors, diesel pumps and fuel rails, said the company. The company will invest $25 million in the new facility, which will employ 120 people, 70 of whom will be new hires from the region.
Radiator Repair Chain Takes Pollution Prevention Seriously
Radiator repair work — with antifreeze, lead-based solder and other hazardous materials — seems anything but environmentally friendly. But Mac’s Radiator, a Portland, Ore.-based chain of repair shops with a Eugene outlet, is part of an industry effort to change that perception. The Mac’s shop in west Eugene is the first business in the city to be certified under the Eco-Logical Business Program, a government-run pollution prevention project for small businesses.