Ward’s Reports Estimated Production
Vehicle production last week in the U.S., Canada and Mexico was expected to hit an estimated 339,878 units, up 15 percent from the 295,481 cars and trucks built last week, according to Ward’s Automotive Reports.
Lear Appoints Anne Bingaman to Board
Former Assistant Attorney General Anne Bingaman has been appointed to Lear Corp.’s board of directors. Bingaman served as assistant attorney general of the antitrust division of the U.S. Department of Justice from 1993 to 1996, following a career in private law practice. Currently, she is chairman of Valor Telecommunications LLC, a provider of local and long distance telephone services to residential and business customers in New Mexico, Oklahoma, Texas and Arkansas.
American Axle & Manufacturing Elects New Board Members
American Axle & Manufacturing Holdings (AAM) has appointed two new members to its board of directors: Dr. Henry Yang, chancellor at the University of California, Santa Barbara, and Thomas Martin, a retired DaimlerChrysler financial executive.
TRW Raises $676 Million in Public Offering
TRW Automotive Holdings Corp., which was bought by private equity firm Blackstone Group LP for about $4.7 billion last year, has raised $676 million in an initial public offering. The Livonia, Mich.-based company sold 24.14 million shares of stock at $28 a share. The company had predicted it would sell the stock at between $28 and $30 a share.
American Axle OKs Stock Buyback
Detroit-based American Axle & Manufacturing Holdings announced that its board approved a share repurchase program calling for the company to repurchase up to 2.5 million shares of its stock over the next two years.
IMR Founder Ken Brenneman Dies at 61
Kenneth Brenneman, Sr., founder and president of Industrial Marketing Research, an international automotive research firm, died Sunday, Dec. 28 of heart failure. He was 61-years-old. Brenneman founded Industrial Marketing Research in 1971 in Clarendon Hills, Ill., as a one-man operation. The firm quickly grew to become an international company that now serves the U.S., Europe and Asia.
Tenneco Automotive and Pep Boys Sign Long-Term Deal
Tenneco Automotive has announced a long-term agreement with Pep Boys to supply Monroe shock absorbers, struts and off-road Rancho products to all of Pep Boys’ stores nationwide and in Puerto Rico. Tenneco Automotive’s Monroe, Rancho and DNX shock absorbers and struts and DNX and Dynomax performance exhaust products will be available at all Pep Boys’ stores beginning in February 2004.
Dura to Close a Tennessee Plant
Dura Automotive Systems, once the largest manufacturing employer in Tennessee’s Bledsoe County, will close its plant there in June and lay off the 80 workers left from a workforce that was 500 strong four years ago.
Metaldyne Names Scott Ferriman Senior Vice President, Asia Pacific
Metaldyne has promoted Scott Ferriman to senior vice president, Asia Pacific, reporting to Tim Leuliette, Metaldyne chairman, president and CEO. In this position, Ferriman will be responsible for all aspects of the company’s business in the Asia Pacific region.
Study Says Online Parts Ordering Expands Quickly
Using the Internet to order automotive parts and accessories has increased dramatically, according to a Harris Interactive survey conducted online.