SmarTire Finalizes Agreement to Sell Business to Bendix CVS; Announces Company Name Change
The transaction, which was scheduled to close Dec. 10, will immediately incorporate the company’s assets to become a part of the electronics business unit of Bendix.
Dorman Launches New Virtual Tradeshow
This web-based tool also allows Dorman to update the “booth” in real time, as products are introduced.
House Approves Automaker Aid Bill
The bill is now in the hands of the Senate.
EZ Lube Reaches Agreement on Asset Sale
Sale will be facilitated through voluntary Chapter 11 filing, but operations will continue without interruption, according to EZ Lube.
Congress Discusses ‘Cash for Clunkers’ Program; ASA Calls for Repair Option
The ‘Cash for Clunkers’ policy has been discussed during testimony before the House of Representatives Committee on Financial Services, included in draft climate legislation by the House Committee on Energy and Commerce, and proposed by General Motors Corp. in its business plan submitted to Congress.
BorgWarner Expands Timing System Business in India with Buy-out of Joint Venture
BorgWarner engine timing system sales in India expected to show strong growth.
Pep Boys Reports Third Quarter Results
Third quarter sales were $464.2 million as compared to $528.8 million in 2007.
Motorcar Parts of America Updates Guidance for Fiscal 2009
MPA has also signed a five-year agreement valued at approximately $22 million in the aggregate with an OEM automotive parts supplier to provide remanufactured alternators and starters to dealerships and specialty import wholesale parts distributors.
Loan Deal for Automakers Nearly Complete
As part of their agreement, GM and Chrysler must give the government stock or warrants for a majority stake in their businesses; they must also restrict corporate pay and end corporate jet travel.
Dennis Michels Named Chairman of the Heavy Duty Manufacturers Association
Michels has been a member of the HDMA board since 2004 and was most recently the 2008 vice chairman.