Ford Cuts More Salaried Jobs
Acknowledging that weak sales will reduce profits this year, Ford Motor Co. is cutting its salaried workforce and the compensation of remaining workers, the automaker said late Tuesday afternoon. Ford said it will eliminate 1,700 white-collar jobs, or 5 percent of its salaried positions in North American automotive operations, by Oct. 1, and slash its spending on agency or purchased services by 10 percent by July 1. Ford had already announced in April that it was cutting 1,000 salaried jobs.
Delphi Reveals More Errors; Two More Executives Ousted
Delphi Corp. disclosed more accounting errors Thursday and forced out two more executives, bringing to six the number of senior officials who have left the Troy-based automotive supplier because of financial irregularities. Delphi, already under investigation by the U.S. Securities and Exchange Commission for its accounting, said that from the time General Motors Corp. spun off the supplier in 1999 until the end of 2004 it failed to properly disclose the amount of accounts receivable, or money owed from other businesses for its services or merchandise, from its European operations.
GM Plans to Cut 25,000 U.S. Jobs by 2008
General Motors Corp. plans to eliminate 25,000 manufacturing jobs in the United States by 2008 and close plants as part of a strategy to revive North American business at the world’s largest automaker, its chairman said on Tuesday. Speaking to shareholders at GM’s 97th annual shareholder meeting in Delaware, Chairman and Chief Executive Rick Wagoner said the capacity and job cuts should generate annual savings of roughly $2.5 billion. GM now employs 111,000 hourly workers in the United States.
Garden of Speedin’ Updates Parts Guides to New CD-ROM Format
The Garden of Speedin’ Inc., formerly known as Vintage Parts 411, recently updated all 12 of its parts locating guides for GM, Ford, and Mopar cars and trucks. All of the guides are now available on CD-ROM.
GM Hits Billion-Dollar Pothole
General Motors Corp. reported its worst quarterly loss in 13 years Tuesday as sales of GM’s aging trucks slowed, response to its newer cars was tepid and health care costs became what GM called “a crisis.”
Timken Says Earnings Per Share Double on Record First Quarter Sales and Net Income
The Timken Co. has reported record sales of $1.3 billion in the first quarter of 2005, up 19 percent from a year ago, driven by strong industrial demand. Timken had record net income of $58.2 million, or 63 cents per diluted share, compared to $28.5 million, or 32 cents per diluted share, in the first quarter a year ago.
SKF Seals Deal with Dana for Heavy Duty Hubcaps
SKF has been awarded a contract to provide a lightweight hubcap solution for Dana Spicer Low Maintenance System wheel-end for heavy-duty axle wheel-end applications. The hubcap system was developed in conjunction with Dana’s Commercial Vehicle Systems group and will be available for use on Dana Spicer steer axles and trailer axles for several major North American truck and trailer manufacturers.
Eleven Suppliers Win Prestigious 2005 Automotive News PACE Awards
Eleven automotive suppliers have won 2005 Automotive News PACE Awards for innovation. Two automotive manufacturers were also honored with the first-ever Automotive News PACE Innovative OEM Collaborator Awards during the program.
Executive Interview with Keith Wilson, Vice President and General Manager, Affinia Under Hood Group
Our latest Executive Interview features Keith Wilson, former Dana employee and current vice president and general manager for Affinia’s Under Hood Group. Read on as he brings us up to speed on the transition from Dana AAG to the newly created Affinia. Wilson also talks about the recent sale of Beck/Arnley and the future for the aftermarket industry.
Executive Interview with Guy Bargnes, Director of Marketing, North American Operations for BASF Corp. Refinish Group
Guy Bargnes has spent his entire life in the collision repair industry. He was born and raised in Buffalo, NY, where his father ran a family business, V. H. Bargnes Co., Inc., which distributed automotive paints, supplies and equipment to area collision shops. In 1992 Bargnes joined BASF full-time, and he is now director of marketing, North American Operations, for the Refinish Group. Bargnes recently sat down to a phone interview with aftermarketNews and shared with us some of the insights from his lifelong career in the industry. Join us as Bargnes talks about BASF’s four leading principles, trends in the refinish business and the return of paint companies to industry trade shows.