Tower Automotive Acquires Remaining Shares of Seojin Industrial Co.
Tower Automotive has acquired Seojin Industrial Co. Ltd., a supplier of components to the Korean automotive industry. Tower previously held a 66 percent equity interest in Seojin and acquired the remaining shares as part of a settlement of an outstanding note from the minority interest partner.
Registration Forms Now Available for MEMA Counterfeiting Seminar
As part of its continuing efforts to address the counterfeiting and intellectual property right violations problems — which costs the U.S. automotive industry nearly $3 billion and costs the global industry $12 billion each year — MEMA will present a one-day seminar — “Taking Action Against Automotive Parts Counterfeiting, Diversion and IPR Violations” — on Monday, April 5, at the Dearborn Hyatt, Dearborn, Mich.
Taking Action Against Automotive Parts Counterfeiting
On Monday, April 5, MEMA will hold a one-day seminar as a follow-up to its first counterfeiting seminar held last October. “Taking Action Against Automotive Parts Counterfeiting, Diversion and IPR Violations” will be held at the Hyatt Regency in Dearborn, Mich. The seminar – presented by MEMA and its market segment associations: AASA, HDMA and OESA – will examine best practices against counterfeiting, diversion and IPR violations and increase dialogue among suppliers to address the issue.
Cooper Tire Signs Supply Agreement with Hangzhou Rubber Co.
Cooper Tire and Rubber has signed an outsourcing agreement with Hangzhou Zhongce Rubber Co., located in Hangzhou, China. Hangzhou will supply approximately one million passenger radial tires to Cooper for sale in the U.S. Last October, Cooper announced an agreement with Hangzhou to supply Cooper with radial medium truck (RMT) tires which had previously been made at Cooper’s Albany, Ga., plant. The Albany facility will add passenger capacity to replace the RMT production.
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.
U.S. Faces Decline in Engineers As Student Programs Grow Overseas
The United States faces a shortage of engineers in coming years, and that could diminish the nation’s status as a leader in technology development and innovation, executives and educators say. The looming shortage comes as nations, including China and India, are seeing a boom in the number of students in engineering programs. Assuming the trend continues, it could result in the U.S. continuing to lose technology jobs to overseas competition.
New Ideas Should Help Old Favorite
After getting whacked by big upheavals in the automotive supply world, the wobbly SAE World Congress, Detroit’s biggest and most important trade show, seems to be finding its legs again.
UAW Organizes at Dana to Shore Up Membership
The UAW has organized about 2,000 workers at five Dana Corp. plants from Michigan to Tennessee as the union seeks to rebuild its active ranks and regain power in the auto industry. Along the way, the union faces opposition not only from workers who don’t want a union but also from those who want a tougher union that would fight and win better wages, benefits and working conditions. To them, the UAW has become too conciliatory as it strives to gain members.
Johnson Controls’ Earnings Up 17 Percent
Johnson Controls Inc. said quarterly earnings rose 17 percent, with both its automotive parts and building controls businesses reporting double-digit sales gains. Johnson Controls also eliminated a few dozen jobs at its Milwaukee controls division, even as it plans to expand the business by about 100 jobs, the company said Wednesday.
Delphi Earnings Decline
Auto-parts maker Delphi Corp. said Tuesday its fourth-quarter net earnings sank to $82 million as it paid for a major restructuring program it launched in October, which included 8,500 job cuts. Net income for the quarter was 15 cents a share, down from $119 million, or 21 cents, in the same period a year earlier.