Covisint Price Tag: $7 Million
Compuware Corp. paid $7 million to acquire Covisint LLC, the failed online automotive entity in which its owners invested more than $500 million, according to federal documents Compuware filed Wednesday. Compuware also disclosed that it has cut its workforce to fewer than 8,700 employees.
Ford Selected as Featured OEM for 2004 SEMA Show
Ford Motor Co. has been selected as the featured vehicle manufacturer for the 2004 SEMA Show, which takes place Nov. 2-5 at the Las Vegas Convention Center, during Automotive Aftermarket Industry Week. In addition to Ford, other OEM exhibitors will display concept vehicles and ways to modify vehicles at the SEMA Show 2004, including: American Honda, DaimlerChrysler, General Motors, Hyundai, Kia, Mazda, Mitsubishi, Nissan, SCION, Subaru and Toyota.
North American Auto R&D Center to Set Up in China
North American market leader in automotive quality inspection, the PSA Group of Companies, has signed an agreement with two local firms to set up a research center in this southern boomtown. The Canadian firm’s major business in China is currently in sourcing auto parts for its North American and Japanese clients, including General Motors, Ford, DaimlerChrysler and Yazaki.
American Axle & Manufacturing Announces More Executive Appointments
More executive appointments have been announced at American Axle & Manufacturing Holdings, Inc. (AAM), following the appointment of Thomas Martin to the position of vice president of finance and CFO.
American Axle & Manufacturing Appoints New CFO
American Axle & Manufacturing Holdings, Inc. (AAM) has appointed Thomas Martin to the position of vice president of finance and CFO. Martin replaces former AAM Executive Vice President and CFO Robin Adams, who left the company in April to become executive vice president, CFO and chief administrative officer at BorgWarner.
SEMA’s First East Coast International Auto Salon Deemed a Success
According to show organizers, the premiere of the Specialty Equipment Market Association’s (SEMA) East Coast International Auto Salon (IAS) proved what industry insiders have long suspected: interest in the sport compact performance segment is booming in the country’s eastern region.
SPX Contech Wins $18 Million in New Business
Contech, a unit of SPX Corp., has received several new die-cast projects, with an estimated annual revenue of approximately $18 million. Production of each of the five new components will launch by January 2006.
Hella Forms Minority Joint Venture With Craft-Co
Hella North America and Craft-Co Enterprises, Inc. have formed ILUMA, a minority-owned joint venture to supply automotive interior-lighting systems.
Transportation Secretary Mineta Launches Traffic Safety Partnership with NASCAR
U.S. Transportation Secretary Norman Mineta and NASCAR President Mike Helton have joined forces in launching a new traffic safety alliance with the racing league aimed at saving the lives of everyday drivers on America’s roads. Secretary Mineta made the announcement while in Richmond, Va., appearing as the grand marshall of NASCAR’s running of the Chevy American Revolution 400.
Toyota Earnings of $10 Billion Solidify Hold on 2nd Place
Toyota Motor on Tuesday became the first Japanese company to report a net profit of more than a trillion yen, or about $10 billion, firmly establishing its position as the world’s No. 2 automaker ahead of Ford Motor.