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.
Federal-Mogul Reports Loss
Federal-Mogul lost $120.7 million in the final three months of 2003, 7 percent more than it lost in the same quarter of 2002. For the year, the Southfield-based automotive supplier, which makes such products as Champion spark plugs, Anco wipers and Wagner lights, lost $189.5 million. That’s far below 2002’s net loss of $1.6 billion, which included a $1.4-billion accounting charge.
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.
Apogee Appoints New CFO
Apogee Enterprises, which develops and delivers value-added glass products and services for the automotive industry, has appointed William Marchido as its CFO. Marchido had been CFO at Siemens Dematic in Grand Rapids, Mich., since 1988. At Siemens Dematic, he was responsible for all financial areas, including IT systems management and productivity improvement programs, for the America’s Material Handling Division and locations in Europe, Singapore, New Zealand and Australia.
Hella and Stanley Purchase Shares in Korean Auto Supplier
Automotive lighting suppliers Hella KG Hueck & Co. and Stanley Electric Co. Ltd. have purchased a five percent share in Korean auto supplier Samlip Industrial Company Ltd., based in Daegu, Korea. According to Joe Borruso, president and CEO of Hella North America, the investment represents a further expansion of the company’s 15- year-old relationship with the Korean supplier.
Myers Industries To Buy Michigan Rubber Products and WEK Industries
Myers Industries has signed an agreement to acquire the stock of two companies that supply rubber and plastic products to the automotive industry. Myers is set to acquire Michigan Rubber Products and WEK Industries, which had combined net sales of approximately $60 million in 2003. The transaction is expected to close in early March, subject to customary conditions of closing.
Modine Wins High Volume Condenser Program from PSA
Modine Manufacturing Co. has received the largest condenser order in the company’s 88-year history, from the European automobile manufacturer PSA Peugeot Citroen. The condensers will be used in several models for PSA, which has been one of the fastest-growing carmakers in the past five years. Modine will start production in 2006 for the anticipated $15 million order, approximately half of which represents incremental business. The air conditioning condensers will be manufactured in a highly specialized facility in Austria, which started in 1984 as a joint venture.
Edelbrock 2004 Catalog Now Available
The new 2004 Edelbrock Catalog for American Cars & Trucks is now available. Sporting a historic cover shot of Vic Edelbrock Jr. with his father’s just-restored ’32 Ford Roadster, the new catalog has 244 pages of automotive parts including manifolds, shocks, cylinder heads, fuel pumps, carburetors, camshafts, headers, crate engines, etc. It is also the company’s largest catalog to date.
R&B Reports Sales and Earnings for the Fourth Quarter and Full Year
Automotive replacement parts supplier R&B has announced financial results for the fourth quarter and year, which ended December 27, 2003. For the fourth quarter, sales increased 1 percent to $55.6 million from $55.1 million in the same period last year. Net income in the fourth quarter of 2003 was $3.8 million compared to net income of $3.5 million in the same period in 2002. Diluted earnings per share in the fourth quarter increased 8 percent to $0.42 from $0.39 in the same period last year.
Exploring Visionary Leadership with University of the Aftermarket
In today’s business environment, it is not enough for an effective leader to organize people and resources for the pursuit of business goals, targets and objectives. To gain the competitive advantage, you must be a visionary leader and motivate your team to be more productive, more focused and more fulfilled. Learn more about this important management tool in the University of the Aftermarket’s new leadership program, Exploring Visionary Leadership, set for Wednesday and Thursday, April 21-22, at the Marriot Rivercenter, San Antonio, Texas.