The Week in Review (June 30 – July 1, 2008
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the
DURA Emerges from Chapter 11
DURA Automotive Systems has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization, including successfully closing its exit financing facilities and filing associated documentation. In conjunction with its emergence, the company also announced its new board of directors.
Lear Purchases Majority Interest in Automotive Fabric Business
Lear Corp. has entered into agreements to acquire a 75 percent share of the automotive fabric business of New Trend Group Co., Ltd., a privately held company founded in 1986 that produces automotive interior fabric and commercial plastic goods.New Trend’s seat trim fabric operations will provide Lear an opportunity for low-cost fabric supply to its existing cut and sew capabilities as well as offering the potential for incremental sales growth as a fabric supplier to a broad range of automotive manufacturers. The company is currently evaluating other possible seat trim partnerships as well.
Tales from the Track: Dave Caracci Takes Us Behind the Scenes at Sebring
Dave Caracci, retired VP from Robert Bosch, has returned to his first love – racing. In this multi-part series, Caracci takes us behind the scenes on the road with Prime Time Racing, where he serves as Logistics Engineer. Stay tuned for more notes from Caracci’s race team travel journal.
Richard Keister Named WAI Executive Chairman; Former Keystone Automotive CEO Buys Ownership Stake in Business
ROYERSFORD, Pa. — WAI Global has announced the appointment of Richard Keister as executive chairman of the company. In conjunction with this appointment, Keister has purchased an undisclosed ownership position in the organization. Keister most recently served as chief executive officer of Keystone Automotive Industries, which was acquired by LKQ Corp. in October 2007. He
Donald Stebbins Named Visteon CEO, Michael Johnston to Continue as Executive Chairman
The board of directors of Visteon Corp. has elected Donald Stebbins as president and chief executive officer, effective June 1. Stebbins, who currently serves as president and chief operating officer, will succeed Michael Johnston in the CEO role. Johnston will continue as executive chairman. Stebbins, 50, has been president and COO since joining Visteon in 2005, following 13 years in senior leadership positions with Lear Corp. Expanding Stebbins’ leadership role is a timely and logical step in Visteon’s long-term executive succession planning process, according to Johnston.
Visteon Narrows First Quarter Net Loss by $48 Million
Visteon has announced results for first quarter 2008, reporting a net loss of $105 million, or 81 cents per share, on total sales of $2.86 billion. These results include a $40 million loss associated with the sale of North American aftermarket facilities, including a $21 million asset impairment. For the first quarter 2007, Visteon reported a net loss of $153 million, or $1.19 per share, on total sales from continuing operations of $2.89 billion. First quarter 2007 results included $40 million of asset impairments. EBIT-R, as defined below, for first quarter 2008 was $51 million, an improvement of $97million over first quarter 2007.
DENSO Reports Record High Net Sales, Operating Income and Net Income
DENSO has announced global financial results for the fiscal year ended March 31. The company reported record high net sales, net income and operating income, as a result of an increase in the export of vehicles and overseas car production.
Federal-Mogul Announces Organizational Appointments
Federal-Mogul has announced senior leadership changes within its finance, global purchasing, corporate communications and investor relations staffs. Jeff Kaminski has been appointed senior vice president and chief financial officer. He will continue to serve as a corporate officer and member of the Federal-Mogul Strategy Board (FMSB). Markus Wermers has been appointed senior vice president, global purchasing. He will also serve as a corporate officer and member of the FMSB. Steven Gaut has been appointed vice president, corporate communications and government relations. He will also serve as a corporate officer and member of the FMSB. David Pouliot has been appointed director, investor relations.
Tata Group Buying Jaguar, Land Rover: Move Reflects India’s Growing Power
The world got a little flatter Wednesday as India’s Tata Motors said it was buying two storied automotive brands, Jaguar and Land Rover, from Ford Motor. The $2.3 billion deal reflects India’s growing presence as an international economic player. Led by Tata Group, India has begun to emerge as a global powerhouse.