Exide Technologies Executive Vice President to Step Down
Exide Technologies reported today that Stuart Kupinsky has announced his intention to resign as the company’s executive vice president, general counsel and corporate secretary, effective March 10 to accept another position. Barbara Hatcher, currently deputy general counsel for the company, will act as general counsel for Exide. Brad Kalter, currently an assistant general counsel for Exide, will assume the corporate secretary responsibilities.
GPC Reports Record Results for 2005
Completing its 78th year of operations, Genuine Parts Co. (GPC) has reported record sales and earnings for the year ending December 31, 2005. Tom Gallagher, chairman, president and chief executive officer, announced that sales in 2005 were $9.8 billion, up 8 percent compared to 2004. Net income for the year was $437.4 million, an increase of 11 percent compared to $395.6 million in 2004. Earnings per share on a diluted basis were $2.50, up 11 percent compared to $2.25 in 2004.
ITW Reports 17 Percent Growth
Illinois Tool Works Inc. (ITW) reported that its diluted net income per share increased 17 percent in the 2005 fourth quarter. Diluted net income per share of $1.42 compared to $1.21 in the 2004 fourth quarter. In addition, the company’s revenues increased 8 percent, operating income grew 11 percent and net income rose 12 percent.
GM Expects Improved 2006, 2007
General Motors Corp. Chief Executive Officer Rick Wagoner said Friday that he expects the company to report better financial results this year and in 2007, as cost cuts and the launch of new full-size SUVs help the automaker recover from a disastrous 2005.
More Considering Buying Hybrid Vehicles
In an effort to reduce fuel costs, the number of U.S. consumers considering buying a hybrid vehicle has doubled in the last year. Automotive consumer researchers Maritz Automotive Research Group found those strongly considering a hybrid for their next vehicle jumped from 17 percent to 29 percent from 2004-05.
Superior Industries to Sell Suspension Components Business
The board of directors for Superior Industries International, Inc., an OE-supplier of aluminum wheels and other aluminum automotive components, has authorized the company’s management to engage an investment banker and/or other advisors to explore options for the sale of the company’s suspension components business.
Lubrizol Sells Engine Control Systems Business
The Lubrizol Corp. has signed an agreement for the sale of its Engine Control Systems (ECS) business to CapitalWorks, an equity firm based in Cleveland, OH. Grace Matthews, Inc. advised Lubrizol on the transaction. ECS has facilities located in Canada, the U.S. and Sweden. This is Lubrizol’s third divestiture since it announced its intent in July 2005 to market non-core businesses with combined revenues of $500 million.
Visteon De-Listed from S&P 500
Standard & Poor’s announced it is removing auto parts maker Visteon Corp. from the S&P 500 Index (SPX) due to low market capitalization. CBS Corp. will replace Visteon on the broad-market indicator.
Ride Control Solutions from KYB Getting Positive Results
KYB is reporting “overwhelming” results from its “Ride Control Solutions from KYB” initiative. Launched this past August, this program was designed to provide technicians and service writers with methods and tools to increase shock and strut sales.
KYB Supplies Electronic Monotube Shocks For New Lexus GS
KYB Corp. has announced it will be the OE supplier for the new Lexus GS luxury sport sedan.