Two Collins & Aikman Board Members Resign
Two board members investigated internally for insider deals have resigned from auto supplier Collins & Aikman Corp. (C&A), which has lost money three years in a row, and on Thursday reported another first-quarter loss. The quarter’s red ink was slightly less than it was the same period a year ago.
Supplier Pact is Official: New Hires to Make Less at Delphi and Visteon
The country’s two largest auto-parts makers, Delphi Corp. and Visteon Corp., formally announced Thursday their 7-year UAW contract that will substantially reduce pay for their future UAW workers, and requires them to pay for more of their health care and much of their retirement.
Federal-Mogul Says Bill Could Jeopardize Jobs
Federal-Mogul Corp., a Southfield-based auto-parts maker forced into bankruptcy by asbestos litigation, says it opposes legislation to create a $124-billion fund to compensate people for cancer and other diseases caused by the fibrous mineral. Federal-Mogul told lawmakers it was no longer represented by two industry groups lobbying Congress to pass the bill as a retired federal judge tried to mediate differences over the measure. The bill is stalled in the U.S. Senate. Republican and Democratic leaders agreed to the mediation after Democrats blocked Senate action on the bill last week.
Delphi, Visteon Pact to Trade for Job Security
Detroit’s two largest auto suppliers, Delphi Corp. and Visteon Corp., are close to reaching a historic 7-year contract with the UAW that dramatically cuts the wages for all future hires, and requires them to pay for more of their health care and much of their retirement, UAW and company sources have told the Free Press.
MEMA Holds Second Annual Counterfeiting Seminar
MEMA presented its second annual seminar dedicated to the issue of counterfeiting of automotive and truck parts. The event, “Taking Action Against Automotive/Truck Parts Counterfeiting, Diversion and IPR Violations” was held on Monday, April 5 at the Hyatt Regency in Dearborn, Mich. Described by Automotive Aftermarket Suppliers Association (AASA) Vice President Paul Foley as a “major industry initiative,” the seminar was developed to educate the industry on the nuances of counterfeiting, share best practices, solicit media support and provide networking and exhibitor opportunities.
Cold Steel, Hard Times for Industrial Suppliers
On one hand, Ed Hoener is being forced to pay 30 percent more for cold-rolled steel since the start of the year. On the other are customers who won’t accept higher prices from Hoener, or fight him for months before finally paying.
ASAAA Announces Its Support for Right to Repair Act
The Alliance of State Automotive Aftermarket Associations (ASAAA) has issued a statement announcing its support for HR 2735, The Motor Vehicle Owners Right to Repair Act. Aftermarket associations throughout the U.S. that are represented by ASAAA, were unanimous in their support of the bill, said ASAAA.
ArvinMeritor Receives Vendor of the Year Award from NAPA Canada
ArvinMeritor’s Light Vehicle Aftermarket (LVA) group has received the 2003 Vendor of the Year 2003 from NAPA Canada. NAPA Canada is part of Genuine Parts Company, a distributor of automotive replacement parts in Canada, the U.S. and Mexico.
Metaldyne Launches Internal Inquiry
Auto supplier Metaldyne Corp. has launched an internal investigation into questionable accounting practices for the last seven years that could have resulted in overstating the company’s earnings by $20 million. The error was followed by a cover-up to balance the books, the company said.
Dana Cuts 75 Jobs at Northern Indiana Plant
Auto-parts supplier Dana Corp. said it will lay off about 75 workers at a plant in northern Indiana that cuts and assembles axle components. The job cuts — about half the remaining work force — will leave about 80 jobs at the plant in Syracuse, Ind., said Dana spokesman Gary Corrigan.