Transpro Signs Supply Agreement with Lordco
Transpro has been named a supplier of radiator and heater core programs for Lordco Inc., based in Vancouver, BC. Under the agreement, Transpro will supply Lordco with its Ready-Rad Radiator and Ready-Aire Heater Core product lines. The program will be rolled out to the Lordco distribution system throughout the month of March.
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.
DST Asks: What Value Do You See in Sharing Detailed Sales Data?
An ongoing dilemma exists between all tiers of the supply chain due to the gulf caused by lack of collaboration and sharing of sales information that would ultimately benefit all — manufacturers, distributors, parts retailers and service providers. Where do you stand on these issues? Our objective is to generate the thought and dialogue that might provide energy to new initiatives. See our special offer at the end of this week’s column!
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.
American Axle Gets 2-Tiered Pay Plan In Tentative Deal
The UAW’s quick settlement Friday morning of the one-day strike at American Axle & Manufacturing Inc. in Detroit finds the union again authorizing a concept it once loathed — a two-tier wage structure that ensures future employees never make as much as current ones.
Visteon CFO Daniel Coulson to Retire Next Month
Daniel Coulson, Visteon’s executive vice president and CFO, has announced he will retire on March 31, after a distinguished 38-year career at Visteon and Ford Motor Co.Coulson originally intended to announce his retirement in early December 2003, but agreed to remain with the company on an interim basis after his replacement, George Strickler, former CFO at BorgWarner, withdrew from the new appointment.
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.
Delphi Set to Trim 150 Tech Jobs
Auto-parts giant Delphi Corp. is shedding at least 150 well-paying technology jobs and will shift some of the work overseas to an Indian firm. The move is one step in the company’s effort to pare down its 500-person information technology staff. Troy, Mich.-based Delphi becomes just the latest multibillion-dollar corporation to move white-collar jobs to India or other lower-wage countries. The increasingly common development called offshoring has become a hot-button issue in the presidential campaign as jobs have been slow to return to the U.S. economy.
American Axle UAW Contract Expires at Midnight, Accord Expected
The 4-year UAW contract covering 7,500 workers at Detroit-based American Axle & Manufacturing Inc. will expire at midnight tonight. Negotiations between the two sides began in December but have yet to produce an agreement. Two UAW officials, who asked not be named, said a tentative agreement should be reached today.