Exide Closer to Exiting Chapter 11
Exide Technologies said it reached an agreement with its creditors and lenders on a plan to exit Chapter 11 protection, one that gives unsecured creditors 10 percent of the reorganized company. 11
Superchips Opens New Facility in Florida
Superchips Inc., manufacturers of Max MicroTuners, has opened a new facility in Sanford, Fla. The new 30,000-square-foot building houses Superchips’ corporate offices, manufacturing, research and development facilities.
International Speedway Reports Fourth Quarter And Year-End Results
International Speedway Corp. (ISC) has reported results for the fourth quarter and year, which ended on Nov. 30, 2003. Total revenue for the 2003 fourth quarter was $164.7 million, compared to $171.7 million in 2002. Operating income for the fourth quarter was $56.5 million compared to $65.3 million for the prior year. Net income was $31.6 million, or $0.60 per diluted share, compared to $37 million, or $0.70 per diluted share, in the fourth quarter of 2002.
NAPA Windshield Receives Two Manufacturer of the Year Awards
NAPA Windshield Products has received the 2003 NAPA Manufacturer of the Year Award from the NAPA Underhood Sales Group as well as the NAPA Retail Sales Group, honoring it as the top supplier for these sales groups. The two awards were presented to the Windshield Products group at the NAPA Sales Meeting in Atlanta on January 15.
Stylin’ Concepts Expands Call Center
Stylin’ Concepts, a direct marketer of parts and accessories for light trucks and SUVs, is expanding its call center, retail and administrative operations in Independence, Ohio. The company will move some of its warehouse operations to another location. Due to the need for more office and retail space, the company said it will move some of its distribution functions to a site outside the Independence area. The move will affect approximately 20 warehouse employees, most of whom will be absorbed into existing company operations in Independence.
Johnson Controls Delays Move
Plymouth Township, Mich., will retain its largest taxpayer for the time being. Johnson Controls officials recently announced they will not to move to Salem Township this year, but still expect to relocate their headquarters and technology facilities from Plymouth Township to a larger site when a suitable location is found.
Proposed Wal-Mart Causes Concern for Local Auto Parts Distributor
The idea of a new Wal-Mart going up in one Charlotte, NC, suburb is the cause of concern for some in the area, particularly a nearby automotive parts distributor. According to a report in the Charlotte Observer, a hearing on an application to build the new Wal-Mart store lasted more than five hours on Tuesday. Wanda Miller owns Belmont Automotive Distributors, which is located near the new proposed outlet for the national retail giant. Miller testified that she was concerned that Wal-Mart would take away business from her shop.
Delphi Earnings Decline
Auto-parts maker Delphi Corp. said Tuesday its fourth-quarter net earnings sank to $82 million as it paid for a major restructuring program it launched in October, which included 8,500 job cuts. Net income for the quarter was 15 cents a share, down from $119 million, or 21 cents, in the same period a year earlier.
ArvinMeritor Secures $200-Million Suspension Module Contract
ArvinMeritor’s Light Vehicle Systems (LVS) business group has been awarded a new, annual $200-million light vehicle suspension systems contract for the final assembly of front- and rear-cross car modules to begin production in the fourth quarter of October 2005. The identity of the customer, and terms of the contract were not disclosed.
Hayes Lemmerz Announces Agreement with Hyundai Translead
Hayes Lemmerz International’s Commercial Highway Division has received a multi-product agreement with Hyundai Translead. Hayes Lemmerz will supply all standard wheel-end components for all of Hyundai Translead’s dry freight vans, refrigerated trailers, chassis and converter dollies for the agreement term. The agreement includes CentruMount steel wheels, and Cast Hub and Drums and Centrifuse Drums.