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.
Brembo Posts Six Percent Profit for Nine Month Period
Brembo has posted a more than 6 percent increase in sales and net profit for the nine month period ending Sept. 30, compared to the same period last year.
SKF Posts 2005 Nine-Month Report
SKF reported an increase in sales — excluding acquisitions and liquidations — of 7.2 percent for the third quarter of 2005, compared to the same period last year. In the third quarter, profit before taxes increased by 27 percent and the operating margin was 12.1 percent.
Bosch CEO Kurt Liedtke to Retire
Bosch announced that Kurt Liedtke, chairman, president and CEO of Robert Bosch Corp. since January 2001, will retire effective Dec. 31.