Illinois Tool Works to Acquire Click Commerce
Illinois Tool Works has reached an agreement to make a cash tender offer to acquire all of the outstanding shares of Click Commerce, Inc., a provider of on-demand supply chain management solutions for a variety of worldwide industries. As part of the agreement, ITW would purchase all of Click Commerce’s outstanding shares for $22.75 per share. The total value of the transaction, including outstanding stock options, is approximately $292 million. The boards of directors of both companies have approved the transaction.
Federal-Mogul Snags Honda Quality Management Award
Honda of The U.K. Manufacturing Ltd. has recognized Federal-Mogul with one of four Quality Management Awards presented recently at the automaker’s annual manufacturing supplier meeting in Droitwich Spa, U.K. Federal-Mogul was honored for the quality of its NP2 2.0L cylinder liner produced at its plant in Sapanca, Turkey.
GM to Sell Controlling Stake in GMAC to Cerberus-Led Group
General Motors Corp. said Monday it has reached an agreement to sell a 51 percent controlling stake in its financing arm, General Motors Acceptance Corp., to a consortium of investors led by Cerberus Capital Management L.P., and including Citigroup Inc. and Japan’s Aozora Bank Ltd. GM expects to receive some $14 billion in cash from the transaction over three years. The deal strengthens GMAC’s ability to support GM’s automotive operations, improves GMAC’s access to cost-effective funding, provides significant liquidity to GM and allows GM to continue to participate in the profitability of GMAC over the long term through its 49 percent ownership stake, GM said in a press release.
Eleven Suppliers Win Prestigious 2006 Automotive News PACE Awards
Eleven automotive suppliers won 2006 Automotive News PACE Awards for innovation during a black tie ceremony last night at the Max M. Fisher Music Center in Detroit. Two automotive manufacturers were also honored with the Automotive News PACE Innovative OEM Collaborator Award during the program.
Michael, Marco Andretti to Drive in 2006 Indy 500
Not one, but two Andrettis, will be back in the driver’s seat in the Indianapolis 500 this May. Indy legend Michael Andretti and his son Marco have announced they will compete in the 90th Indianapolis 500 on May 28, 2006, as teammates with Andretti Green Racing (AGR). Marco Andretti also will drive for AGR in the entire 2006 IndyCar Series season.
Canadian Tire Sells, Leases Two Distribution Centers in Deal with H&R REIT
Canadian Tire Corp. Ltd. is selling two distribution centers for approximately $196 million in a deal that will see the automotive, hardware and sporting-goods giant lease the properties back from a major Toronto-based property trust. Canadian Tire said Tuesday it expects to book a pre-tax gain of about $43 million from the sale of the properties to H&R Real Estate Investment Trust. The retailer will use the proceeds to finance a previously announced plan to renovate, replace and add stores over the next five years.
Twenty-Seven New Products Receive AAPEX Awards
Twenty-seven companies that participated in this year’s Automotive Aftermarket Products Expo (AAPEX) New Products Showcase received awards for their innovative new products that enhance the driving experience. Awards were announced on Nov. 1, opening day of AAPEX in Las Vegas.
Delphi Shares Slide on Bankruptcy Fears
Shares of Delphi Corp. skidded Monday amid concerns it could seek bankruptcy protection. Shares fell 49 cents, or 13 percent, to close at $3.37 on the New York Stock Exchange. Last week, Delphi CEO Robert S. “Steve” Miller repeated the possibility Delphi could declare bankruptcy if it doesn’t get help from General Motors Corp. and the United Auto Workers.
Michelin and Indianapolis Motor Speedway Roll Out Ticket Refund Process for F1 Fans
Michelin North America, Inc. and the Indianapolis Motor Speedway (IMS) announced the details of the ticket refund process for ticket holders to the 2005 Formula One United States Grand Prix (USGP). All tickets purchased for race day (June 19, 2005) are eligible for the Michelin ticket refund.
S&P Cuts Cooper Tire to Near Junk with Stable Outlook
Standard & Poor’s has downgraded its credit rating on the Cooper Tire & Rubber Co. to one level above junk status but with a “stable” outlook.