Plymouth Rubber Company, Inc. to Form Joint Venture in China
Plymouth Rubber Co. has reached agreement with Hebei Huaxia Group to form a joint venture company to manufacture PVC (vinyl) adhesive tapes in China. Plymouth Rubber Co. manufactures and distributes plastic and rubber products used by the electrical supply industry, electric utilities and automotive and other original equipment manufacturers.
GM, DCX Join Forces To Make Hybrid Engines
General Motors Corp. and DaimlerChrysler AG are teaming up to develop fuel-saving hybrid engines in hopes of cashing in on an expanding market already dominated by hybrid leaders Toyota Motor Corp. and Honda Motor Co. Financial terms of the agreement between GM, the world’s largest automaker, and its German-American rival weren’t disclosed Monday, but Tom Stephens, GM’s group vice president for powertrains, said the collaboration likely will involve an investment of hundreds of millions of dollars.
Delphi Makes Organizational Changes in Aftermarket Unit
Delphi has announced organizational changes in its Delphi Product & Service Solutions division, the company’s aftermarket and consumer products division. Russell W. H. Bailey, managing director of Delphi Integrated Service Solutions, a business unit of Delphi Product & Service Solutions, is retiring after more than 36 years in the industry. Mark Theriot, currently director of global service technologies, will succeed Bailey in this role, in addition to maintaining his current responsibilities. Under the new organizational structure, Theriot will have full global responsibility for executing Delphi’s service strategy and vision.
Remy Settles Patent Infringement Suit with Taiwan’s Unipoint
Remy International has settled the patent infringement lawsuit it filed last November against Unipoint Electric Manufacturing Co. Ltd. Remy International has settled the patent infringement lawsuit it filed last November against Unipoint Electric Manufacturing Co. Ltd.
Colfax Completes Sale of its Colfax Power Transmission Group to Genstar Capital
Colfax Corp. has completed the sale of its Colfax Power Transmission Group division to Genstar Capital, L.P., a private investment firm. The company, which will now operate under the new name Altra Industrial Motion, Inc., has estimated revenues of approximately $336 million for 2004.
Finch, Hefferon Promoted at Cooper Standard Automotive
Scott Finch and Timothy Hefferon have been appointed vice presidents at Cooper Standard Automotive Inc.’s Novi, Mich., world headquarters. Finch has been appointed vice president and treasurer. In his new assignment, he will direct the management of the Global Treasury operations unit, including cash management, debt funding, Foreign Exchange and risk management. He will report to CFO Allen Campbell. Hefferon has been appointed as vice president general counsel. In his new role, he will be responsible for all legal affairs globally for Cooper Standard Automotive, Inc. and will report directly to CEO James McElya.
Joseph Voda to Head Hella’s Aftermarket Electronics Division
Joseph Voda has been named national sales/product manager for electronics, at Hella Inc., Hella North America’s aftermarket group. A 24-year veteran of the aftermarket, Voda previously served as a product manager for emission-control systems at Dana’s Engine Management Division. He worked for more than 20 years at Echlin, and prior to joining Dana, was a product manager in the company’s Pacer Fuel/Emission Division. He joined Hella in January 2004.
Chinese Business Coveted by Michigan
In a move that has a certain if-you-can’t-beat-’em-join-’em quality, government officials from Michigan have gone to an odd place looking for investment and new jobs — China. With U.S. companies rushing to build plants and research centers in China, where workers earn far less than in the United States, Michigan officials wondered whether they could persuade fast-growing Chinese companies to open offices in the state. Their pitch: Detroit is still the automotive capital of the world, and Asian companies need research and development or sales offices in Michigan.
Tower Seeks $200 Million Loan
Tower Automotive Inc., which makes body structures for car manufacturers, said it retained Rothschild LLC late last week as a financial adviser to help in arranging a $200-million loan.
Thomson Delmar Learning Launches New Chilton Total Car Care CD Collection
Thomson Delmar Learning, an educational resources provider and part of The Thomson Corp., has released its new line of Chilton Total Car Care CDs — a line of Do-It-Yourself car care information provided in CD-format. According to David Koontz, publisher for the Professional Business Unit of Thomson Delmar Learning, during the past year the company redesigned the Chilton professional products to better reflect industry needs.