Delphi Loss Means No Bonus for Execs
Auto-parts supplier Delphi Corp. said Friday that none of its corporate officers received bonuses last year due to the company’s $56-million loss in 2003. Delphi Chairman and CEO J.T. Battenberg’s pay fell about 45 percent in 2003 to $3.8 million after the company eliminated his bonus.
Collins & Aikman Reveals Insider Deals
Collins & Aikman Corp. revealed Wednesday that it paid a board member $300,000 to serve as vice chairman for six months in 2002 and did millions of dollars of business with another board member. The company had failed to fully disclose details on those transactions to shareholders.
Executive Interview with Tony Perticari, Vice President of Sales and Marketing, Crown Remanufacturing
Our latest edition of “Executive Interview” features Tony Perticari, a 35-year veteran of the automotive parts industry. Perticari joined Philadelphia-based Crown Remanufacturing in 1986. He currently serves as vice president of sales and marketing for the company and is responsible for all NAFTA and overseas sales and marketing activities. Join us as Tony Perticari tells us what makes Crown tick, and what it takes to stay ahead of the pack. He also shares with us his predictions for the future of the reman industry, and the company.
Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
APA Honors Henry Jacobs; Re-Elects Three Board Members During Annual Shareholders Meeting
The Automotive Parts Associates, Inc. (APA) honored Henry Jacobs for his 50 years of automotive aftermarket service at its annual shareholders meeting in San Diego, Calif. Jacobs is the founder of Automotive Warehouse in Wichita, Kan. Also during its Annual Shareholders Meeting, APA announced the re-election of J. Michael Faley, Robert Jacobs and Silvia Martinez to its board of directors.
Linamar to Buy Out Wescast in Joint Venture; Reports Fourth Quarter Loss of $1.3 Million
Wescast Industries Inc. plans to sell its 50 percent stake in its European joint venture with Linamar Corp. to Linamar, the auto-parts makers announced Wednesday. The two companies were still negotiating the sale of Weslin Industries Inc., and did not provide any financial details of the transaction. In a conference call to discuss quarterly results, Linamar chief executive Linda Hasenfratz did not expect Weslin — a joint venture established in 1999 to manufacture iron automotive castings for the European market — would become profitable soon.
American Axle Pact Ratified; Supplier Gets the Right to Negotiate 2-Tier Wages
UAW members ratified a four-year contract with American Axle & Manufacturing Inc., after a one-day strike late last month that disrupted General Motors Corp. truck production. About 68 percent of the employees voted for the contract, the union said Monday. About 68 percent of the employees voted for the contract, the union said Monday.
Bankrupt Venture Might Sell Some Assets
Bankrupt auto supplier Venture Corp. plans to put itself up for sale to see if there is any interest in the Fraser firm’s assets or business contracts, say lawyers and others familiar with the struggling company. Venture, which makes plastic parts such as instrument panels for the auto industry, has asked the U.S. Bankruptcy Court in Detroit for permission to market the company. A hearing to get approval and determine how marketing would be handled is scheduled for March 11.
Restructuring Charges Drive Midas to a Net Loss of $76.2 Million in 2003
Midas reported a net loss of $76.2 million — or $4.93 per diluted share — for fiscal 2003, which ended Jan. 3. Midas said the loss is primarily the result $102.6 million in charges related to its restructuring, completed in April. As part of the restructuring, Midas exited its wholesale distribution business and refocused its resources on retail franchising and real estate businesses.
Executive Interview with Howard Kesten, President and Founder of Workboards
Our latest edition of “Executive Interview” features Howard Kesten, president and founder of Workboards, which launched the automotive job site, aftermarketJobs.com, in December 2003. A two-time guest speaker at AAPEX, Kesten is also founder and CEO of APA Search, Inc., an executive search and human resources consulting firm serving the automotive industry. In 18 years, he has placed more than 1,600 automotive professionals. Join us as Kesten provides an introduction to aftermarketJobs.com and shares with us his predictions for the future of the aftermarket and the job market.