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.
American Collectors Insurance Unveils Updated Web Site
American Collectors Insurance (ACI), a national specialty provider of collector vehicle insurance, recently updated and re-designed its Web site. In addition to a new look, the site offers information on insuring collector cars, trucks and motorcycles. The site’s “Quote Wizard” feature allows users to “shop” before they buy. Current policyholders can now use the Web site to submit questions, request changes in coverage and report claims.
Tier One Auto Supplier Microheat Restructures Management Team
Microheat, a Tier One automotive supplier and manufacturer of HotShot, a windshield snow and ice removal product set to debut on a wide range of 2006 vehicles, has restructured its management team. Solomon Franco, who founded the firm in 1998, stepped down as CEO and president on January 1. Peter Neustadter, one of the initial investors in Microheat, will serve as interim CEO and board chairman until the company recruits a permanent CEO. Neustadter said he expects the new CEO will be in place by April.