TRW Trims Losses
Livonia-based TRW Automotive Holdings Corp., the world’s No. 2 maker of automotive air bags, said its fourth-quarter loss narrowed to $1 million, or 1 cent a share, as currency-exchange gains and auto-parts demand boosted sales. TRW has a year-earlier loss of $33 million. Sales climbed 12 percent to $2.98 billion from $2.67 billion, the company said in a statement. A year ago, TRW was part of defense contractor Northrop Grumman Corp.
GPI Announces Merger with Straus-Frank Co.
David J. Straus, chairman and CEO of Strafco, Inc. and O. Temple Sloan, Jr., chairman and CEO of General Parts, Inc. (GPI), have jointly announced an agreement to merge the two companies. Both GPI and Strafco, also known as Straus-Frank Co., have been members of the CARQUEST Distribution Group for more than 30 years.
Car Care Council Women’s Board Expands Scholarship Program in 2004
The Car Care Council Women’s Board is increasing the number of scholarships it will be awarding in 2004, in an effort to recruit and retain talented women in the automotive aftermarket industry. The Women’s Board will be awarding a $1,000 scholarship and two $500 scholarships to female students who have completed at least one year in an ASE-certified, post-secondary automobile technology program and plan on entering the automotive field upon graduation. In addition, two $500 scholarships will be awarded to high school female students who will attend an ASE-certified, post-secondary automobile technology program and plan on entering the automotive field upon graduation.
Choice of Plant Upsets Steel Workers Union
Goodyear Tire & Rubber Co. may have violated its contract with the United Steelworkers of America by deciding to build a new line of passenger tires at a nonunion plant in Lawton, Okla., the union said. But the Akron tire maker denies it has broken the contract, and said it has no plans to move production of its new Assurance all-season radial tires to a union factory. The disagreement comes just five months after the two sides signed a new three-year contract, following months of tense bargaining that threatened to escalate several times into a strike or lockout.
Republic Names George Strickler CFO
Former BorgWarner Executive Vice President and CFO George Strickler has been named executive vice president and CFO for Republic Engineered Products, one of North America’s largest producers of special bar quality steel. Prior to joining BorgWarner in 2001, Strickler served as vice president of finance for Akron, Ohio-based Goodyear Tire & Rubber Co. He held finance and treasury positions at the tiremaker for 30 years. He was also executive vice president and CFO at Lake West Group, a retail consulting company based in Cleveland, Ohio.
Metaldyne Expands Technical Capabilities in Plymouth, Mich.
Metaldyne has opened a new 27,000-square-foot technical center in Plymouth, Mich., which will be dedicated to the company’s chassis group. The facility will house chassis group personnel including finance, human resources, product engineering, program management, quality and testing. A 13,000-square-foot test lab will serve as the design and development center for products such as chassis suspension components, wheel-end assemblies, ball joints and control arms.
Cooper Tire Increases Capacity at Ohio Plant
Cooper Tire & Rubber Co. said it plans to add capacity at its Findlay, Ohio, tire plant with an equipment investment of $1.8 million. The capacity will increase by 500,000 tires annually and add at least 30 additional jobs in the Findlay production facility. The facility should be running at full production levels with new equipment in place by late summer.
WIX Filters and Joe Gibbs Racing Create New Cabin Filtration System
WIX Filters has teamed up with the engineers and staff at Joe Gibbs Racing to create a new cabin air filtration system designed to protects drivers’ respiratory systems from particulate matter, like dust, soot and rubber; noxious fumes, gas and oil vapors, and most importantly, carbon monoxide. WIX Filters currently holds the U.S. patent application for the filtration system on file with the U.S. Patent Office. WIX has entered an agreement with Joe Gibbs Racing to manufacture and sell these U.S. Patent Pending air filtration system units to other race teams, making this technology and protection available to the entire racing community.
Snap-on Appoints Former BorgWarner CEO and Chairman to Board
John Fiedler, retired chairman and CEO of BorgWarner, has been appointed to Snap-on’s board of directors. Fiedler served as BorgWarner’s chairman and CEO until 2003. Prior to 1995, he was president and COO. During his tenure, BorgWarner increased its revenues from $800 million to roughly $3 billion.
Tower Automotive Retirees Will See Health Premiums Soar
About 1,200 retirees of Milwaukee’s Tower Automotive plant who opt to keep their current medical coverage will see their monthly health insurance premiums quadruple, or more. Premiums for some of the retirees have increased to more than $1,000 a month. Company officials say skyrocketing healthcare costs have given them no choice but to raise the premiums.