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.
Siemens VDO Automotive to Establish Diesel Systems Group; Focus on R&D, Testing
Siemens VDO Automotive has announced plans to establish a new division with headquarters in Columbia, Richland County, S.C. The new division — Powertrain Diesel Systems North America — will become a national center for research and development, engineering and testing of diesel fuel technology, including piezo electronic fuel injectors, diesel pumps and fuel rails, said the company. The company will invest $25 million in the new facility, which will employ 120 people, 70 of whom will be new hires from the region.
Radiator Repair Chain Takes Pollution Prevention Seriously
Radiator repair work — with antifreeze, lead-based solder and other hazardous materials — seems anything but environmentally friendly. But Mac’s Radiator, a Portland, Ore.-based chain of repair shops with a Eugene outlet, is part of an industry effort to change that perception. The Mac’s shop in west Eugene is the first business in the city to be certified under the Eco-Logical Business Program, a government-run pollution prevention project for small businesses.
GKN Updates Corporate Identity
Automotive driveline component supplier GKN Driveline has changed its name and logo as part of a recently adopted corporate identity program. Ted Rodewig, GKN Driveline’s marketing director, said the identity program is designed to bring new focus to the company by creating a common banner under which it will operate on a global basis.
Hella and Stanley Purchase Shares in Korean Auto Supplier
Automotive lighting suppliers Hella KG Hueck & Co. and Stanley Electric Co. Ltd. have purchased a five percent share in Korean auto supplier Samlip Industrial Company Ltd., based in Daegu, Korea. According to Joe Borruso, president and CEO of Hella North America, the investment represents a further expansion of the company’s 15- year-old relationship with the Korean supplier.
Cooper Tire Puts on its Game Face
The official tire of six NCAA conferences, Cooper Tire & Rubber is taking an experimental approach to building regional brand awareness through a series of pre-game and on-court interactive promotions at upcoming NCAA basketball games. “We’re aiming to activate our corporate partnerships by pushing our involvement past simple signage, and enhancing our consumer’s sports experience,” said Pat Brown, vice president of advertising and communications at Cooper Tire.
Myers Industries To Buy Michigan Rubber Products and WEK Industries
Myers Industries has signed an agreement to acquire the stock of two companies that supply rubber and plastic products to the automotive industry. Myers is set to acquire Michigan Rubber Products and WEK Industries, which had combined net sales of approximately $60 million in 2003. The transaction is expected to close in early March, subject to customary conditions of closing.
Modine Wins High Volume Condenser Program from PSA
Modine Manufacturing Co. has received the largest condenser order in the company’s 88-year history, from the European automobile manufacturer PSA Peugeot Citroen. The condensers will be used in several models for PSA, which has been one of the fastest-growing carmakers in the past five years. Modine will start production in 2006 for the anticipated $15 million order, approximately half of which represents incremental business. The air conditioning condensers will be manufactured in a highly specialized facility in Austria, which started in 1984 as a joint venture.