Ruling Due Tuesday on Plastech-Chrysler Flap
From Detroit Free Press DETROIT — A U.S. bankruptcy judge said that he will rule Tuesday afternoon on a dispute between Chrysler LLC and Plastech Engineered Parts Inc., and he encouraged the two sides to reach a second temporary deal to keep Plastech’s parts flowing to Chrysler plants until then. A temporary deal that has
Visteon Announces Fourth Quarter and Full-Year 2007 Results
Visteon has announced fourth quarter and full-year 2007 results. For fourth quarter 2007, Visteon reported a net loss of $43 million, or 33 cents per share, on sales from continuing operations of $2.9 billion. The fourth quarter net loss includes $30 million of non-cash asset impairments and $32 million of restructuring expenses that were not eligible for reimbursement from the escrow account. For fourth quarter 2006, Visteon reported a net loss of $39 million on sales from continuing operations of $2.8 billion. EBIT-R, as defined below, for fourth quarter 2007 was $15 million, an improvement of $52 million over the same period of 2006.
Chrysler Plastech Dispute to Return to Court
From Detroit Free Press DETROIT — The legal dispute that brought five Chrysler LLC plants to a halt last week returns to court Wednesday. Chrysler and Dearborn, MI-based supplier Plastech Engineered Products Inc. are to argue over whether Chrysler can take back molds and dies that Plastech uses to make parts for nearly all Chrysler’s
Online Registration Open for ASA Annual Convention
Online registration for the Automotive Service Association’s (ASA) 2008 Annual Convention is now available by visiting www.ASAshop.org/Annual08. The convention will be held May 1-3 at the Hyatt Regency in Santa Clara, CA. Attendees may use the secure online form to register for a variety of activities, including two management seminars, ASA’s Celebration of Excellence, housing accommodations and an optional tour of Winchester Mansion.
ITW Permatex Acquires Spray Nine Corporation
ITW Permatex has acquired Spray Nine Corporation, a privately owned manufacturer of specialty cleaning products. Headquartered in Johnstown, NY, Spray Nine has been developing and manufacturing a variety of premium cleaning products since 1948, and is credited with introducing the industry’s first “spray-on, wipe-off” disinfectant cleaner. Andy Robinson, currently vice president of Manufacturing and Operations at Permatex, will head up Spray Nine Corp., as its general manager.
Lear Establishes Global Operating Structure for its Seating, Electrical and Electronic Businesses
SOUTHFIELD, MI — Lear Corp. has announced it is establishing a global operating structure for its two business groups. In conjunction, Louis Salvatore has been appointed president, Global Seating Systems, and Raymond Scott has been named president, Global Electrical and Electronic Systems. In their new roles, Salvatore and Scott will continue to report to Lear
Holley Performance Products Files Bankruptcy
Holley Performance Products Inc., a century-old maker of specialty parts for stock-car and drag-racing, filed for bankruptcy, faulting a late 1990s expansion for saddling the company with too much debt. Closely held Holley would be taken over by noteholders owed as much as $145.8 million, according to an outline of a reorganization plan filed today in U.S. Bankruptcy Court in Wilmington, DE. The company, based in Bowling Green, KY, listed debts of $243 million and assets of $106 million as of Jan. 28.
GM Posts Biggest Annual U.S. Auto Loss
From AFX News Limited DETROIT — General Motors Corp. reported a $38.7 billion loss for 2007 on Tuesday, the largest annual loss ever for an automotive company, and said it is making a new round of buyback offers to U.S. hourly workers in hopes of replacing some of them with lower-paid help. The earnings report
Green Earth Technologies Forges $3 Million Partnership with Inventek; Two Companies to Make Auto Appearance Products
STAMFORD, CT — Green Earth Technologies (GET), a manufacturer and marketer of environmentally friendly consumer products, has entered into a strategic relationship with Inventek Colloidal Cleaners, LLC, a Philadelphia-based developer of bio-based colloidal formularies and products, to manufacture automotive appearance products including carwash and windshield rain repellent. GET has been granted a perpetual royalty-free license
NASTF Releases Secure Data Release Model
The National Automotive Service Task Force (NASTF) has announced that the Secure Data Release Model (SDRM), which allows properly vetted technicians and security professionals to access key codes, immobilizer PINs and other security-related information, has been released to the industry. Details about the SDRM are now available on the NASTF website at www.nastf.org.