Pep Boys CEO Resigns Under Pressure
The chief executive of Pep Boys resigned Tuesday after its two largest shareholders stepped up pressure on the auto parts retailer to turn around the business and prop up a share price that has fallen 24 percent this year.
Cooper Dropped From S&P 500 Stock Index
Standard & Poor’s has dropped Cooper Tire & Rubber Co. from its S&P 500 index. The Findlay, OH, tiremaker will be replaced by telecommunications firm Windstream Corp. According to S&P, Cooper was the smallest member of the 500 in terms of market capitalization.
VDI to Offer Online Hosting Services
Vertical Development, Inc. (VDI) has added online hosting to its suite of catalog and data management systems and services. The new service, which will be introduced next week at the 2006 Aftermarket eForum in Chicago, provides a portal where VDI clients can post electronic catalogs, product guides, interchanges and other literature. In the process, it enables aftermarket customers to find the data they need, quickly and easily, according to the company.
Bridgestone Gets F1 Bid
No other tiremaker stepped up, leaving Bridgestone Corp. as the lone applicant to be the sole tire supplier to Formula One. Bridgestone signed a three-year deal to be the official tire provider for the 2008 through 2010 seasons; because Groupe Michelin will withdraw from the series after this season, Bridgestone will also be the sole supplier for the 2007 F1 season. Federation Internationale Automobile (FIA) announced the decision to go with Bridgestone on July 5.
UQM Technologies Receives $1.9 Million Production Order
UQM Technologies, a developer of alternative energy technologies, has received a $1.9 million production order for an electronic auxiliary product for hybrid electric vehicles. Deliveries under the order are currently scheduled to begin in the fall of 2006 and continue through December 2007.
FleetPride Sold to Investment Groups
Aftermarket heavy-duty truck and trailer parts distributor FleetPride Corp. was acquired by investment groups Investcorp and Banc of America Capital Investors. Terms of the transaction were not disclosed.
Dick Stephens to Retire From Cooper
Dick Stephens, head of Cooper Tire & Rubber Co.’s North American Tire Division, is retiring from the company as of July 1, closing out a 28-year career with the Findlay, OH, tiremaker. His first job with Cooper was as a compound development chemist. He served in various technical positions until he became president of the company’s international tire group in 2001.
Pep Boys Unveils 32 Newly Remodeled Stores in Metro NYC
Pep Boys will celebrate grand re-openings at each of its 32 stores in the metro New York, Long Island and North Jersey area beginning Thursday, April 27. The stores have undergone both internal and external transformation. The store enhancements were part of a significant corporate revitalization at Pep Boys that began under the tenure of CEO Larry Stevenson.
Prestolite Unveils New Line of Tuner Series Wire Sets
Prestolite Wire Corp. has introduced new Tuner Series Wire Sets for the sport compact performance/tuner market. The line was designed to offer lower electrical resistance, allowing Tuner Series sets to provide up to 22 percent more millijoules of energy to the spark plug when compared to OEM carbon core or wire wound products. The advanced polymers and manufacturing techniques used on all Tuner Series cable jackets also serve as barriers to water intrusion, allowing the wire sets to hold a charge in a wet environment and yielding more power for better start-ups and smoother idling, according to Prestolite.
DENSO Develops New Hybrid Vehicle Components
DENSO Corp. has developed three components for hybrid vehicles that the company claims are “smaller, lighter and deliver better performance.” DENSO’s three new hybrid components include a DC-DC converter, a battery-monitoring unit and a system main relay.