Legendary Engine Builder Pat Musi Joins Edelbrock
Pat Musi, a championship auto racer and 30-year performance specialist, has been hired as a product development consultant for aftermarket performance product manufacturer Edelbrock Corp. In this new role, Musi will focus on nitrous systems, as well as racing cylinder heads and high-horsepower EFI products. Described as “one of the most intimidating and influential doorslammer racers in the country,” Musi opened Pat Musi Performance in Carteret, NJ, in 1969 at the age of 18. That same year he started his racing career, which includes several Pro Street world championships (including four straight from 2000-2003) and records.
Eaton Increases Dividend by 12.5 Percent and Announces 2-for-1 Stock Split
Eaton Corp.’s board of directors has approved a two-for-one stock split. As a result of the split, shareholders of record at the close of business on February 9, will receive one additional common share for every share held.Eaton’s board of directors has also declared a 12.5 percent increase in the quarterly dividend from $0.48 per common share to $0.54 per common share, on pre-split shares.
Metaldyne Wins Contract with Ford
Metaldyne has been awarded a contract with Ford Motor Co. to supply front spindle assemblies for a future-model Ford truck at Metaldyne’s newly acquired New Castle, Ind., facility. The front spindle assembly is expected to launch in July and includes a machined casting, machined stem and ball joints. Metaldyne purchased the New Castle Machining and Forge plant from DaimlerChrysler in December 2003. From January until December 2003, the facility operated as a joint venture between Metaldyne and DaimlerChrysler.
More Details on the Future of Honeywell’s Friction Materials Business
Yesterday, Honeywell announced that it had terminated discussions with Federal Mogul regarding the possible sale of its friction materials business, which manufactures and markets the well-known aftermarket brand Bendix. After several months of negotiations, the parties were unable to agree on terms of a deal. Now Honeywell has reported that the friction materials division will remain part of Honeywell and will become closely aligned with the company’s business initiatives and operating plan. According to Joe Puishys, president of Honeywell friction materials, the company is in the process of making investments in both the aftermarket and OE segments of the business.
“AMN Perspectives by Thomas Group: Experience at Work”
Welcome to the first installment of “AMN Perspectives by Thomas Group: Experience at Work.” What does “Experience at Work” mean? It means proven methods and techniques applied by seasoned executives resulting in measurable financial improvement. “Work” means that Thomas Group consultants are working implementers. We get into the client’s business and go to work side by side with the management and employees until objectives are accomplished, rather than preparing a plan and leaving it to the company to make it happen. Through “AMN Perspectives: Experience at Work,” Thomas Group consultants will comment on issues and news within the automotive aftermarket to provide constructive suggestions that work based on our experience in the automotive industry and more than 20 other industries and government agencies.
Exide Introduces NASCAR Branded Product Line at Sam’s Club
Playing off the brand recognition the NASCAR name holds with its estimated 75 million fans, Exide Technologies has introduced a new NASCAR branded transportation battery program at Sam’s Club, a national members-only chain of retail warehouses. The new program is exclusive to Sam’s Club and will be available in more than 462 locations nationwide.
Tenneco Automotive Announces Executive Appointment
Tenneco Automotive has named Paul Novas vice president of finance and administration for the company’s European operations. Novas will also continue in his current role as corporate treasurer. Novas has served as vice president and corporate treasurer for Tenneco since 1999. He joined Tenneco Inc. in 1996 as assistant treasurer, responsible for corporate finance and North American treasury activities. He played an integral role in executing the financial transactions leading to the separation of Tenneco’s energy and shipbuilding businesses in 1996 and the separation of the packaging and automotive businesses in 1999.
ArvinMeritor Announces Finance Leadership Appointments
Robert “Rob” Guy has been named vice president of finance for ArvinMeritor’s light vehicle systems (LVS) business group. Marc Pensa has been named vice president of finance for ArvinMeritor’s commercial vehicle systems (CVS) business group. Robert “Rob” Guy has been named vice president of finance for ArvinMeritor’s light vehicle systems (LVS) business group. Marc Pensa has been named vice president of finance for ArvinMeritor’s commercial vehicle systems (CVS) business group.
Greg Potter Named 2004 ETI President
Greg Potter of Chief Automotive Systems has been elected 2004 president of the Equipment and Tool Institute (ETI).
OE Suppliers May Drop By 50 Percent: Group Predicts Half Will Go Under by 2010
The auto industry is on track to lose half of its parts suppliers by 2010 because of escalating pressure to reduce component prices. That prediction from the Original Equipment Suppliers Association (OESA), a trade group that represents suppliers, comes in response to a new survey that found automakers are demanding more and steeper price cuts from parts makers.