2005 Automotive News Pace Award Finalists Named
More than 30 automotive suppliers have been named finalists in the 11th annual Automotive News PACE Award competition. Open to suppliers that contribute products, processes, materials or services directly to the manufacture of cars or trucks, the PACE (Premier Automotive Suppliers’ Contribution to Excellence) Award is presented by Automotive News, Capgemini and Transportation Research Center Inc. (TRC Inc.). Judges selected 23 finalists and 10 honorable mention awardees based on extensive written responses to the 2005 PACE Award application. Finalists will now host site visits by industry, academic and business leaders to select the winners, which will be announced in April during the Society of Automotive Engineers conference in Detroit. Judges will evaluate each company’s innovation as well as its management team.
Three Join AASA Board
Three automotive aftermarket executives have joined the board of governors of the Automotive Aftermarket Suppliers Association (AASA). AASA is the aftermarket market segment association of the Motor & Equipment Manufacturers Association (MEMA). New board members serving three year terms are: Kevin Baird, CEO, Qualitor Inc., Southfield, Mich.; John Casanova, senior vice president, Remy International, Anderson, Ind.; and John Casanova, senior vice president, Remy International, Anderson, Ind.
Collins & Aikman Announces Executive Appointments
Collins & Aikman Corp. has announced a number of executive assignments and appointments. Bryce Koth has been appointed to the position of CFO, effective immediately. Koth was the company’s vice president-finance and controller and head of tax. Prior to coming to Collins & Aikman in 2002, Koth had held senior finance positions at Visteon and Ford Motor Co., and had worked at Deloitte and Touche.
Alcoa Opens New Automotive Center in Detroit; Launches New Automotive Web Site
Alcoa has formally opened its new automotive center in Farmington Hills, Mich. More than 300 design, engineering, sales and marketing specialists began moving into the new 86,000-square-foot office building earlier this year. The new facility joins Alcoa’s North American automotive businesses into a single location and consolidates Alcoa offices located in Southfield, Livonia and Allen Park, Mich.
Joe Felicelli To Be AASA’s New Chairman
Joe Felicelli, executive vice president, worldwide aftermarket operations, for Federal-Mogul Corp. in Southfield, Mich., will take the reins as the new chairman of the Automotive Aftermarket Suppliers Association (AASA) on Monday, Nov. 1, at the group’s board meeting in Las Vegas. Felicelli is the second aftermarket executive to serve as leader of the association, established in 2002. Current Chairman Charley Johnson, president and CEO of TransPro Inc., in New Haven, Conn., will step down as the group’s first chairman at the November meeting.
Intermet Warning Triggers Sell-Off, Bankruptcy is a Threat, Says Analyst
Add one more name to the list of struggling Detroit-area auto suppliers. Troy, Mich.-based Intermet Corp., a maker of metal brake and suspension parts, has warned Wall Street that it will lose tens of millions of dollars this quarter and needs a new credit agreement from its banks to avoid bankruptcy. Intermet blamed higher-than-expected steel costs and unspecified “operational problems” at some North American plants for its financial predicament.
Parts Vendors’ Shares Gain in Wake of Cooper Tire Deal
Shares in auto-parts suppliers got a boost Friday from a billion-dollar deal in which two private-equity firms are carving off the parts business of Cooper Tire & Rubber Co. Cypress Group and Goldman Sachs Capital Partners have agreed to buy Cooper-Standard Automotive, a unit of Findlay, Ohio-based Cooper Tire, for $1.165 billion. Goldman Sachs Capital Partners is a private-equity investment arm of Goldman Sachs Group.
Automakers to Slow Down Plants
In another sign of a sluggish U.S. economy and slumping sales at General Motors Corp. and Ford Motor Co., the automakers said Wednesday they plan to slow down their plants the last three months of 2004 and make about 165,000 fewer cars and trucks than a year earlier. The announcements may be bad news for auto suppliers and their workers, particularly for big companies such as Delphi Corp., Visteon Corp. and Collins & Aikman.
Denso’s New CEO Focuses on Big 3 Business
Mitsuo Matsushita, the new CEO of Denso International America Inc., wants to increase revenue and profit margins as the company diversifies its customer base. Matsushita wants to add Big 3 business to complement its business with Toyota Motor Corp. and Honda Motor Co.
Metaldyne Names New VP of Sales and Marketing
Metaldyne has appointed Roseann Stevens as the company’s new vice president of sales and marketing. Stevens replaces Anne Lockwood, who left the position earlier this year, according to published reports. In this position, Stevens will be responsible for leading the sales effort throughout the company. She will report to George Thanopoulos, Engine Group president and the President’s Council.