Republic Names George Strickler CFO
Former BorgWarner Executive Vice President and CFO George Strickler has been named executive vice president and CFO for Republic Engineered Products, one of North America’s largest producers of special bar quality steel. Prior to joining BorgWarner in 2001, Strickler served as vice president of finance for Akron, Ohio-based Goodyear Tire & Rubber Co. He held finance and treasury positions at the tiremaker for 30 years. He was also executive vice president and CFO at Lake West Group, a retail consulting company based in Cleveland, Ohio.
Metaldyne Expands Technical Capabilities in Plymouth, Mich.
Metaldyne has opened a new 27,000-square-foot technical center in Plymouth, Mich., which will be dedicated to the company’s chassis group. The facility will house chassis group personnel including finance, human resources, product engineering, program management, quality and testing. A 13,000-square-foot test lab will serve as the design and development center for products such as chassis suspension components, wheel-end assemblies, ball joints and control arms.
WIX Filters and Joe Gibbs Racing Create New Cabin Filtration System
WIX Filters has teamed up with the engineers and staff at Joe Gibbs Racing to create a new cabin air filtration system designed to protects drivers’ respiratory systems from particulate matter, like dust, soot and rubber; noxious fumes, gas and oil vapors, and most importantly, carbon monoxide. WIX Filters currently holds the U.S. patent application for the filtration system on file with the U.S. Patent Office. WIX has entered an agreement with Joe Gibbs Racing to manufacture and sell these U.S. Patent Pending air filtration system units to other race teams, making this technology and protection available to the entire racing community.
Snap-on Appoints Former BorgWarner CEO and Chairman to Board
John Fiedler, retired chairman and CEO of BorgWarner, has been appointed to Snap-on’s board of directors. Fiedler served as BorgWarner’s chairman and CEO until 2003. Prior to 1995, he was president and COO. During his tenure, BorgWarner increased its revenues from $800 million to roughly $3 billion.
Tower Automotive Retirees Will See Health Premiums Soar
About 1,200 retirees of Milwaukee’s Tower Automotive plant who opt to keep their current medical coverage will see their monthly health insurance premiums quadruple, or more. Premiums for some of the retirees have increased to more than $1,000 a month. Company officials say skyrocketing healthcare costs have given them no choice but to raise the premiums.
Federal-Mogul’s Champion, Wagner Lighting Brands Honored For Marketing Excellence
Federal-Mogul’s Champion spark plugs and Wagner lighting brands were honored in two recent international marketing competitions held in New York City. The Champion spark plugs “Champion Powers All” integrated marketing campaign was a finalist winner, and received a certificate of distinction in the 2004 AME (Advertising Marketing Effectiveness) Awards competition. Federal-Mogul’s Wagner lighting marketing team was also a finalist winner and recipient of a certificate of distinction in the 46th annual TV, Cinema and Radio Advertising competition of the prestigious New York Festivals.
Federal-Mogul Reports Loss
Federal-Mogul lost $120.7 million in the final three months of 2003, 7 percent more than it lost in the same quarter of 2002. For the year, the Southfield-based automotive supplier, which makes such products as Champion spark plugs, Anco wipers and Wagner lights, lost $189.5 million. That’s far below 2002’s net loss of $1.6 billion, which included a $1.4-billion accounting charge.
Genuine Parts Co. Reports 2003 Results
Completing its 76th year in operation, Genuine Parts Co. (GPC) has reported sales and earnings for the year, which ended December 31, 2003. Sales in 2003 were $8.4 billion, up 2.3 percent compared to the previous year. Net income for the year, before the cumulative effect of changes in accounting principles related to cash consideration from vendors and goodwill, was $354 million, compared to $368 million, for the same period in the prior year, a decrease of 4 percent.
Advance Auto Parts Reports Record Fourth Quarter and Fiscal 2003 Results
Advance Auto Parts has reported record revenue and earnings for its fourth quarter and fiscal year, which ended January 3. Fiscal 2003 included 53 weeks of operations compared to 52 weeks in 2002, with the additional week falling in the fourth quarter of 2003. Sales increased 19.2 percent in the fourth quarter to $821.3 million from $689.2 million.
Precision Auto Care Reports Second Quarter Results
Precision Auto Care reported a profit of approximately $266,000 or $0.01 per share for the fiscal quarter ending December 31, 2003, compared with a profit of $6.6 million or $0.44 per share for the comparable prior year quarter.