Larry Samuelson Named President of U.S. Automotive Parts Group
Larry Prince, chairman and CEO of Genuine Parts Company (GPC), announced yesterday that Larry Samuelson has been named president of the U.S. Automotive Parts Group, effective immediately. The position was previously held by Bob McKenna, who departed in 2003. GPC CEO Tom Gallagher held the position in the interim. Samuelson is currently president and CEO of NAPA Canada/UAP Inc. He will continue to hold these responsibilities in addition to his new ones with the U.S. Automotive Parts Group.
Kayaba to Expand Global Manufacturing Operations
Next month, Kayaba Industry Co., Ltd. (KYB) will acquire a 75 percent shareholding in AP Amortiguadores SA (APA) currently held by ArvinMeritor. In the U.S., Kayaba is set to expand its manufacturing base at Franklin, Ind, to support growing sales of KYB shocks and struts to the North American aftermarket.
Michelin North America and ACCC Sign Three-Year Contract Extension
Michelin North America has extended its partnership with American Car Care Centers (ACCC), signing a three-year contract extension to supply the independent dealer network with Michelin, BFGoodrich, Uniroyal and private and associate brand tires. This new agreement extends a strategic partnership between the two companies which began in 1993. ACCC is one of the largest networks of independent tire and automotive service dealers, with more than 1100 locations nationwide.
Timken Announces Results for 2003
The Timken Co. has reported record sales of $3.8 billion for 2003, a 49 percent increase from the prior year. Excluding the impact of the February 2003 acquisition of The Torrington Co., sales grew approximately 8 percent, including 3 percent related to foreign currency translation, the company said.
International Speedway Reports Fourth Quarter And Year-End Results
International Speedway Corp. (ISC) has reported results for the fourth quarter and year, which ended on Nov. 30, 2003. Total revenue for the 2003 fourth quarter was $164.7 million, compared to $171.7 million in 2002. Operating income for the fourth quarter was $56.5 million compared to $65.3 million for the prior year. Net income was $31.6 million, or $0.60 per diluted share, compared to $37 million, or $0.70 per diluted share, in the fourth quarter of 2002.
Automakers Help Allies Handle Crises
Seeking to mitigate disaster costs after events such as 9/11 and last year’s blackout, Detroit automakers said Wednesday they’ll ask their suppliers and dealers to take part in a crisis management plan that will prepare them for emergencies. The automakers, working together through a trade organization called the Automotive Industry Action Group (AIAG), released a booklet that could serve as a guide for suppliers and dealers that either don’t have a contingency plan or want to modify an existing one. GM said that it will begin rolling out the process to all its 3,700 suppliers next week. The AIAG said the plan is voluntary for suppliers and will result in minimal costs for the companies.
New Tire May Put Goodyear on Track
It’s a mystery tire that’s making a lot of tire dealers, analysts and investors excited — and seems to be pushing the stock upward. Goodyear Tire & Rubber plans to launch a new high-end line of passenger tires next month with huge fanfare at its annual convention of dealers and distributors in Orlando, Fla. Some say the tire line, known as Assurance, could become Goodyear’s hottest-selling new line in a decade, a move that could go a long way to helping the Akron, Ohio-based company boost its flagging sales and turn around three years of losses.
Brake Parts Inc. Promotes Mike Zissman to VP Product Development for Under Vehicle Group
Brake Parts Inc. has promoted Mike Zissman to the position of vice president of product development for the Under Vehicle Group. Zissman has more than 30 years of experience working in the automotive aftermarket industry and almost 19 years with Brake Parts Inc. He has held numerous positions in sales, marketing and product development, including vice president of the McQuay Norris/Aimco sales group, director of data administration and senior director of product development.
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.
TI Automotive Names Ernst Kuhlen to New Position
TI Automotive has named Ernst Kuhlen director of global fuel delivery pumps and modules. Kuhlen will be responsible for development and implementation of the company’s global pump-and-module product strategy. Based in Neuss, Germany, he will report to Manouchehr Kambakhsh, vice president for global engineering. Previously engineering director for pumps at Pierburg AG in Neuss, Kuhlen joined TI Automotive as part of the company’s recent purchase of Pierburg’s pump business.