Monro Muffler Brake to Acquire Mr. Tire Locations from Mile One Automotive
Monro Muffler Brake has signed a definitive agreement with privately held Mile One Automotive to acquire 36 Mr. Tire locations in Maryland and Virginia. The company has no plans to close any of the Mr. Tire locations, and the stores will continue to operate under the current brand name. Monro also said it intends to retain substantially all Mr. Tire store employees.
Siemens VDO Automotive to Acquire Chrysler Group’s Huntsville Electronics Operations
Siemens VDO Automotive Electronics Corp. has signed an agreement to acquire Chrysler Group’s electronics operation located in Huntsville, Ala. The facility produces automotive electronics products for Chrysler, Jeep and Dodge products and generates approximately $1 billion in sales. Details of the transaction have not been disclosed. Situated on a 180-acre site, Huntsville Electronics is composed of two plants operating two shifts daily. The first plant opened in 1977 and is 232,000 square feet. The second plant opened in 1988 and encompasses 849,000 square feet. Currently, operations in Huntsville employ more than 2,000 people who are represented by the UAW.
Jerry Mosingo Named COO of ASC Incorporated
ASC Inc., a full-service specialty-vehicle development partner for automotive manufacturers, has named Jerry Mosingo COO, effective immediately. He replaces Scott Koepke, who has been named COO of ASC-Yachiyo Manufacturing Ltd. (AYM), an ASC joint venture company in Columbus, Ohio. Both executives will report to ASC’s president and CEO, Paul Wilbur. Mosingo’s COO assignment is expected to last through 2004.
Compuware Panning to Buy Covisint
Compuware Corp., the largest high-tech company based in Michigan, is expected to announce that it will purchase financially struggling Covisint LLC, according to documents on Compuware letterhead obtained by the Detroit Free Press. The acquisition, expected to be completed within 30 days for an undisclosed “small cash transaction,” ends the most expensive Internet start-up and flop ever launched in Michigan.
Survey Says Suppliers Should Pay More Attention to Their Brands
Suppliers must do a better job of building and utilizing their brand names, according to new research by SupplierBusiness.com. Companies make a mistake when they submerge their identities or consolidate brand portfolios out of existence, say executives who were surveyed. By having a clear brand strategy they say suppliers can capitalize on their good name and good will. The cost of developing a brand strategy is low and the risk is small. A strong brand means a company is taken more seriously in the bidding process and can open doors when trying to win new business with an OEM it has no relationship with.
Hayes Lemmerz Names Vice President, General Counsel and Secretary
Hayes Lemmerz International has named Patrick Cauley to the position of vice president, general counsel and secretary. Cauley, who was serving as the company’s interim general counsel, will continue to report to Curtis Clawson, chairman and CEO.
Executive Interview with John Washbish, President – Customer Relationship Management, Dana Automotive Aftermarket Group (AAG)
Every other week, aftermarketNews.com offers an interview with a high-profile individual in the automotive aftermarket. We give executives free rein to express their views on anything from the state of their corporations to recent legislative news to future trends in their niche markets. Here you see what matters to the newsmakers themselves.
Comergent Technologies Acquires Profile Systems, Inc.
Comergent Technologies, a leading provider of demand chain management applications, has acquired Profile Systems, a developer of product information (PIM) and inventory management companies for business-to-business e-business. Under the terms of the agreement, Comergent Technologies has acquired all the outstanding Profile Systems shares and technology. Profile Systems employees have been retained in the West Springfield, Mass., office.
Hayes Lemmerz Renames European Wheel Group
Hayes Lemmerz International has changed the name of its European Wheel Group to the International Wheel Group. The company said the new name is intended to reflect the increased global awareness and presence of the group. The International Wheel Group has undergone extensive growth in areas outside of Europe, including South Africa, India, Brazil, Thailand, Mexico and Turkey, according to Fred Bentley, president of Hayes Lemmerz’ International Wheel Group.
ArvinMeritor Reports Fiscal Year 2004 First-Quarter Results
ArvinMeritor reported sales of $2.2 billion and net income of $19 million, or $0.28 per diluted share, for its first fiscal quarter, which ended Dec. 31, 2003. This is compared to the prior year’s first-quarter net income of $32 million, or $0.47 per diluted share. Results for the first quarter of 2004 include a net charge of $0.09 per diluted share as a result of the company’s decision to withdraw its tender offer to acquire all of the outstanding shares of Dana Corp. This charge includes $16 million of pre-tax costs, partially offset by a pre-tax gain of $7 million on the sale of Dana stock owned by the company.