Visteon Announces Third-Quarter 2008 Results and Additional Cost-Reduction Actions
Third quarter 2008 product sales declined by $400 million from the same period a year ago, primarily reflecting the impact of lower customer production volumes and plant closures and divestitures.
Executive Interview with Federal-Mogul’s Jose Maria Alapont
In this most recent interview, Federal-Mogul President and CEO Jose Maria Alapont shares his thoughts on such industry issues as green technologies, the challenges in the automotive sector, our country’s reliance on foreign oil and what Federal-Mogul looks like post-Chapter 11.
DURA Automotive Systems Announces Global Reorganization
DURA Automotive Systems has announced a comprehensive restructuring of the company into four global business units.
Navistar Marks 75 Years of Diesel Leadership with Dedication of Newest Engine Plant
From aftermarketNews Staff & Wire Reports HUNTSVILLE, Ala. — Navistar Engine Group this week celebrated the 75th anniversary of its first production diesel engine, the D-40, with the dedication of the facility that will build its newest diesel engine family, MaxxForce Big Bore. Additionally, the event highlighted the company’s scope and reach—engine offerings ranging from
Polk Promotes Kendra Rawls to Senior Vice President, Global Sales Operations
SOUTHFIELD, Mich. — Kendra Rawls has been promoted to senior vice president and managing director, global sales operations for Polk Global Automotive, a business unit of R. L. Polk & Co. Rawls joined Polk in 2003 and most recently led the company’s European operations, along with Polk’s global price and specifications business. She also has
Kathleen Ligocki, Former Tower CEO, Tapped to Lead Automobile Division of Grupo Salinas
Former Tower Automotive CEO Kathleen Ligocki has been tapped to be chief executive officer of GS Motors, the automobile division of Grupo Salinas, a Mexico-based company dedicated to transportation. Ligocki has three decades of experience in key positions in the automobile industry, including as president and chief executive officer of Ford Mexico; marketing vice-president for North America and global vice-president of customer service for Ford Motor Co. She was also president and chief executive officer of Tower Automotive, where she successfully reached a solid financial and operating restructure, while notably broadening the size of the business.
Executive Interview with Dan Freeman, APA President and CEO
In this exclusive interview Automotive Parts Associates (APA) President and CEO sits down with aftermarketNews to talk about WD consolidation, what his members are doing to reduce costs and increase efficiency and why global membership is not a priority for APA.
Grant Thornton Report Says Supplier Bankruptcy Risk is High
SOUTHFIELD, Mich. — Lower industry volumes and the massive decline in truck and SUV sales have put as many as one-third of automotive suppliers in North America at risk of bankruptcy, according to the Summer 2008 Automotive Industry Review prepared by Grant Thornton Corporate Advisory and Restructuring Services. At the same time, bankruptcy concerns for
Autoliv Acquires Tyco’s Automotive Radar Sensors Business
Autoliv Inc. has agreed to acquire the automotive radar sensors business of Tyco Electronics Ltd. for $42 million. The business that Autoliv intends to acquire, is a “carve-out” of the Radio Frequency and Subsystems business unit within Tyco Electronics. This part of the business unit designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market — and is the development partner of Daimler for automotive radar sensor technology. Existing customers include BMW and Chrysler along with other non-OEM customers.
Visteon Announces Second Quarter 2008 Results
Visteon Corp. announced results for second quarter 2008. For the quarter, Visteon reported a net loss of $42 million, or 32 cents per share, on total sales of $2.9 billion. For second quarter 2007, Visteon reported a net loss of $67 million, or 52 cents per share, on total sales of $2.97 billion. Results for second quarter 2008 include $18 million of unreimbursed restructuring and other qualifying costs, $11 million of asset impairments and $49 million of income tax expense. Second quarter 2007 results included $11 million of asset impairments and $28 million of income tax expense. EBIT-R was $78 million, an improvement of $63 million over second quarter 2007.