Eleven Suppliers Recognized with 2009 Automotive News PACE Awards
The 15th annual awards program for innovation honors suppliers that contribute products, processes, capital equipment, information technology or services directly to the manufacture of cars or trucks worldwide.
Automotive Components Holdings and Johnson Controls Terminate Plant Deal
Ford Motor Co., Automotive Components Holdings (ACH) and Johnson Controls have terminated their Memorandum of Understanding (MOU) for sale of the ACH interiors business and ACH’s Saline, Mich., plant to Johnson Controls. According to all three companies, deteriorating business conditions, including higher gasoline prices, weakness in the housing industry and a slumping market for trucks and SUVs made negotiations increasingly difficult. These factors, coupled with circumstances unique to this deal, all contributed to the end of negotiations toward a final agreement.
The Renco Group Completes Acquisition of Delphi’s Global Interiors and Closures Businesses
The Renco Group’s wholly owned subsidiary, Inteva Products, LLC, has completed its acquisition of Delphi’s Global Interiors and Closures businesses. The transaction includes the entire book of business, manufacturing operations, intellectual property, supplier contracts and joint venture interests.
Johnson Controls Signs MOU to Acquire Saline, MI, Automotive Component Holdings Plant
PLYMOUTH, MI — Johnson Controls has signed a non-binding memorandum of understanding with Ford Motor Company to acquire the Saline, MI, Automotive Components Holdings (ACH) plant. The Saline ACH plant manufactures interior components such as door panels, floor consoles, instrument panels and cockpit systems for a variety of Ford Motor Company vehicles. Closure of the
SEMA Offers Automotive Retailers Free Trial Memberships
DIAMOND BAR, CA – For the first time ever, the association will be offering free trial memberships to qualified jobbers, retailers, installers and restylers at the upcoming SEMA Spring Expo and SEMA OFFROAD shows. The SEMA Spring Expo and SEMA OFFROAD shows will be held side-by-side at the Cobb Galleria Centre in Atlanta, GA, on
International Automotive Components Group North America to Acquire Lear’s North American Interior Systems Division
International Automotive Components (IAC) Group North America has announced it will acquire Lear Corp.’s North American Interior Systems Division. IAC NA is a joint venture between WL Ross & Co. LLC, Franklin Mutual Advisers, LLC and Lear. Upon closing, Lear will transfer all of the assets of its North American interiors business and $25 million of cash to IAC NA. WL Ross and Mutual Series will collectively contribute $75 million of cash and extend a $50 million term loan to IAC NA. Lear will hold 25 percent of the stock in IAC NA and warrants for an additional 7 percent equity interest.
Racing Has Spawned Many Automotive Breakthroughs
From Milwaukee Journal Sentinel The next time you glance into your car’s rear-view mirror, remember it’s a chapter from racing history. The ordinary rear-view mirror is one of a plethora of automotive technologies that evolved from the race track. Radial tires, disc brakes, fuel injection systems and safer car interiors also have strong ties to
Ross’ International Auto Components to Acquire Lear’s European Interiors Division
Wilbur Ross, chairman of International Automotive Components Group, LLC (IAC), has announced a definitive agreement to acquire substantially all of Lear Corp.’s European interior systems division for a 34 percent equity interest in IAC. International Automotive Components Group was formed in October, 2005 by WL Ross & Co. LLC and Franklin Mutual Advisers, LLC to acquire the European assets of Collins & Aikman.
Barry Meguiar Named an “Automotive Icon”
Barry Meguiar, president and CEO of Meguiar’s, Inc., a manufacturer of automotive appearance products, has been selected as the inaugural recipient of the Petersen Automotive Museum’s Automotive Icon Award.
Johnson Controls Promotes Two Executives In Its Automotive Business
Johnson Controls has appointed two top executives to new leadership positions within its automotive group, which is one of the world’s largest suppliers of automotive interiors and batteries. Byron Foster has been appointed group vice president and general manager, customer business units — North America. Carolyn Woznicki has been appointed vice president of purchasing — North America.