Autoliv Expands in Mexico
STOCKHOLM, Sweden – Autoliv has announced the construction of a new manufacturing facility in Queretaro, Mexico. This new plant will be operational by year end and will mark the fifth facility for Autoliv in Mexico. Autoliv already has two facilities in Queretaro producing airbag cushions, airbag modules and steering wheels for the North American market.
The Week in Review (June 4-8, 2007)
By Arianne Anderson The Week in Review offers a snapshot of the most read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of the
Three Automakers Object to Federal-Mogul’s Plan to Emerge from Bankruptcy
Ford Motor Co., DaimlerChrysler Corp. and a Volkswagen AG unit have raised objections to Federal-Mogul’s plan to emerge from bankruptcy protection. According to a recent report from the Detroit Free Press, the three carmakers filed objections a Wilmington, DE, Bankruptcy Court regarding Federal-Mogul’s plan to shed liability for as much as $9.41 billion in death and injury claims involving asbestos.
Collins & Aikman Gets More Time to Sell Off Business, Resolve Liquidation Objections
From Detroit Free Press One of the last major bankruptcy hearings in Collins & Aikman Corp.’s Chapter 11 bankruptcy case has been postponed to give the company more time to sell off parts of its business and settle objections to the firm’s plan to liquidate. A hearing on Collins & Aikman’s confirmation plan that was
Japanese Automakers Most Productive in North America
From Deutsche Presse-Agentur TROY, MI — Toyota, Nissan and Honda led a list of the most productive automakers in North America, but U.S. producers have narrowed their gap with Japanese competitors, a report released Thursday said. Toyota required 29.93 man-hours in 2006 to produce a vehicle in its North American plants, the yearly report on
NHRA Assets Sold to HD Partners
HD Partners Acquisition Corp. has signed a definitive agreement to acquire all of the National Hot Rod Association’s (NHRA) professional racing assets, including the NHRA POWERade Drag Racing series, together with a broad set of rights to commercialize the NHRA brand. Once the transaction takes place, acquired assets will be held in a wholly owned subsidiary of HD Partners named NHRA Pro Racing. The NHRA, which will remain a non-profit 501(c)(6) corporation, will retain all its non-professional racing, safety and educational activities and continue to be the sanctioning body for all NHRA racing activities, including the NHRA POWERade Drag Racing Series.
BorgWarner Thermal Systems Expands in China
AUBURN HILLS, MI — Propelled by growing demand in the rapidly expanding Chinese automotive market, BorgWarner Thermal Systems broke ground for a new production facility at its campus in Ningbo, China. The new 194,000-square-foot operation will replace a smaller facility nearby. Beginning in December, the facility will produce fans, viscous fan drives, Visctronic fan drives,
Buyer Cerberus Launches First Foray Into Automaking
The $7.4 billion buyout of DaimlerChrysler AG’s Chrysler Group by Cerberus Capital Management LP is a watershed for the struggling U.S. automotive industry. For the first time in decades, a domestic auto company will be operated in private, not under the scrutiny of shareholders. It is unknown how the buyer will handle Chrysler and its premier Toledo, OH-born Jeep brand, but the purchase will enlarge Cerberus’ stable of more than 45 firms.
Automotive Training Institute Commits $25,000 in Support of AMI
BEDFORD, TX – The Automotive Training Institute (ATI) has committed $25,000 to the Automotive Management Institute’s (AMI’s) resource development effort EXCEL. These funds will be combined with other leadership contributions to continue AMI’s mission of providing and promoting practical business management education tailored to the automotive service and collision repair industry. ATI is a recognized
Keystone Automotive Industries Reports Record Fiscal 2007 Year-End Results
Keystone Automotive Industries has reported record earnings and sales for its fiscal 2007 fourth quarter and year ended March 30. Net income for the fiscal fourth quarter climbed 51.1 percent to $11.4 million, or 69 cents per diluted share, from $7.6 million, or 46 cents per diluted share, a year ago. Net income for the fiscal 2007 fourth quarter included one-time gains of approximately $886,000, or 5 cents per diluted share, related to insurance recoveries for prior-year property loss claims and the company’s portion of an antitrust lawsuit settlement concerning automotive refinishing paint pricing between Jan. 1, 1993 and Dec. 31, 2000. Operating income increased 33.6 percent to $17.1 million from $12.8 million a year ago. Operating margin was 8.5 percent compared with 7.1 percent a year earlier. Net sales for the fiscal fourth quarter climbed 11.3 percent to $200.2 million from $179.9 million last year. Same store sales growth for the fourth quarter was 11.2 percent.