Prestolite Electric Sells UK Facility
Prestolite Electric Holding, has sold the Acton (London, England) manufacturing facility of Prestolite Electric Limited, the company’s UK subsidiary. Prestolite sold the subsidiary to Lemon Land Limited for approximately $47 million. The Acton facility had a book value of $9 million. In connection with the purchase, Prestolite retained the right to occupy the facility through the end of 2004.
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.
Eaton Increases Dividend by 12.5 Percent and Announces 2-for-1 Stock Split
Eaton Corp.’s board of directors has approved a two-for-one stock split. As a result of the split, shareholders of record at the close of business on February 9, will receive one additional common share for every share held.Eaton’s board of directors has also declared a 12.5 percent increase in the quarterly dividend from $0.48 per common share to $0.54 per common share, on pre-split shares.
Midas Completes Restructuring
Midas said it has completed its restructuring plan successfully, and on schedule. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003.
Dana and GETRAG Sign Joint-Venture Agreement with Volvo
A recently formed joint venture company between Dana and GETRAG has signed an agreement with Volvo Car Corp. (VCC) to purchase a 60-percent interest in VCC’s operations in Koping, Sweden. The resulting joint venture with VCC will be known as GETRAG All Wheel Drive AB, a Dana/GETRAG Co. The company will produce all-wheel-drive (AWD) and chassis systems and components for passenger cars and sport-utility vehicles.
Transpro Named NAPA Branded Radiator Supplier
Transpro has been named supplier of a new radiator program for NAPA. Under the agreement, Transpro will supply NAPA with a radiator program that will offer a selection of popular radiator models covering a variety of automotive and light truck applications. Transpro will begin shipping product to NAPA this month, and the program will be rolled out to the NAPA distribution system in February.
Executive Interview with Wolfgang Winzer, Vice President and General Manager of Siemens VDO Automotive Corp. Service & Special Solutions, North America
Our latest edition of “Executive Interview” features Wolfgang Winzer, vice president and general manager of Siemens VDO Automotive Corp. Service & Special Solutions, North America. Winzer recently talked with aftermarketNews.com about the company’s extensive history in the OE market and how this will help them build a stronger aftermarket segment. He shared some of the company’s goals for its aftermarket business in the coming years.
Metaldyne Completes Purchase of New Castle Machining and Forge
The transfer of full ownership of New Castle Machining and Forge to Metaldyne Corp. is now complete. Since January 2003, the New Castle operation has been managed as a joint venture between Metaldyne and DaimlerChrysler. The transfer of ownership represents Metaldyne’s final step in the acquisition of New Castle Machining and Forge, according to Thomas Amato, Metaldyne’s vice president of corporate development.