Dana Elects Two New Board Directors
Dana Corp. has elected former Goodyear chairman Samir Gibara and David Berges, chairman, CEO and president of Hexcel Corp. to its board of directors. Dana Chairman Glen Hiner made the announcement.
DENSO Earns 2004 Climate Protection Award from EPA
The U.S. Environmental Protection Agency (EPA) has awarded its 2004 Climate Protection Award DENSO Corp., Toyota Motor Corp. and Toyota Industries Corp., which together comprise the Electrical Inverter Air Conditioning Team. The team developed an electrical inverter air conditioning system that provides cooling for the new 2003 Toyota Prius during “idle” stop when the engine shuts down to save fuel and emissions. The team was one of 12 organizations and individuals to receive the award.
Genuine Parts Co. Reports First Quarter Results
Genuine Parts Co. (GPC) has reported sales and earnings for the first quarter, which ended on March 31. Sales for GPC totaled $2.2 billion, up 9 percent compared to the first quarter of 2003. Net income for the quarter was $100.2 million, an increase of 13 percent over $88.4 million recorded in the previous year before the cumulative effect of an accounting change adopted January 1, 2003.
Visteon Plans to Cut 600 Jobs in Indiana
Auto parts supplier Visteon Corp. said it would relocate part of its Bedford plant operations to cut costs in a move that could affect about 600 of the plant’s 1,150 hourly and salaried workers. The Dearborn, Mich.-based company gave no timetable for the move from Bedford, Ind., about 20 miles south of Bloomington, Ind., or a possible site for relocating workers. The plant makes a variety of fuel system parts and other components, mostly for Ford cars and trucks.
Lear Downplays SEC Inquiry
Lear Corp. CEO Robert Rossiter on Wednesday downplayed an informal investigation by the Securities and Exchange Commission into its employment of corporate officers’ relatives and insider business transactions. The head of the Southfield, Mich.-based auto-interiors supplier also told analysts that the probe is strictly related to disclosure — not whether there was financial misconduct. Management, he added, quickly corrected the disclosure omissions as soon as they were pointed out.
Federal Panel Claims Cooper Breaks Labor Law
According to a federal labor panel, Cooper Tire & Rubber Co. is violating federal law by refusing to bargain with a union elected to represent workers at its Cedar Rapids, Iowa, distribution center.
Delco Remy Named Advance Auto Parts’ Vendor of the Year Award
Delco Remy International, a global manufacturer and remanufacturer of automotive, powertrain, drivetrain and electrical products, has been named Vendor of the Year for 2003 by Advance Auto Parts. Delco Remy supplies Advance Auto Parts with both domestic and import rotating electrical products.
UQM Technologies Names Vice President of Operations
UQM Technologies, a developer of alternative energy technologies, has appointed Ronald Burton to the newly created position of vice president of operations with responsibility for the company’s engineering and manufacturing operations. Burton will report to President and CEO William Rankin.
Champion Parts Reports Fourth Quarter and Higher Year-End Profits
Champion Parts, Inc., remanufacturer of automotive parts, reported continued profitability for the fourth quarter, and higher profits for the year, which ended Dec. 31, 2003. Champion Parts, Inc., remanufacturer of automotive parts, reported continued profitability for the fourth quarter, and higher profits for the year, which ended Dec. 31, 2003.
Lean Manufacturers Recognized for Excellence
Ten automotive suppliers are among the recipients of the 2004 Shingo Prize for Excellence in Manufacturing. Dubbed the “Nobel prize of Manufacturing” by Business Week magazine, the Shingo Prize recognizes manufacturers who follow Toyota’s LEAN manufacturing principles. Administered by the College of Business, Utah State University, nine state-level awards and a public-sector category, primarily for Military Depots doing re-manufacturing, have been implemented in recent months.