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.
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.
Ex-Visteon Employees File Suit
More than 50 former employees of Visteon Corp. have filed a lawsuit against the $18-billion auto-parts supplier, claiming that the company conned them into signing non-negotiable separation agreements that they later learned were negotiable for more compensation. The multimillion-dollar suit, filed last week in the U.S. District Court in the Eastern District of Michigan, says that Visteon presented 54 workers with separation contracts in April 2001 after the Dearborn, Mich.-based company announced that it would cut its white-collar workforce.
Eaton Plans Joint Venture with Chinese Auto A/C Maker
Eaton Corp. has formed a joint venture with Chinese A/C maker Changzhou Senstar Automobile Air Conditioner Co. Ltd. The two companies will produce automotive air conditioning hose and tube assemblies and power steering hose and tube assemblies in Shanghai for Volkswagen’s China operations. Terms of the agreement were not disclosed.
Buyout Firm Acquires Harmon AutoGlass
Cleveland, Ohio-based leveraged buyout firm Riverside Co. has acquired Harmon AutoGlass, a Minneapolis automobile replacement glass company. Riverside bought the company from Apogee Enterprises, a glass products developer. Riverside said it plans to sell most of Harmon’s retail operations as franchised units, under the name Glass Doctor.