BorgWarner Reports Record Sales in the First Quarter
BorgWarner posted solid results for the first quarter of 2006. “Despite the uncertainty facing the industry, BorgWarner continues to deliver,” said Tim Manganello, chairman and CEO. “Our results were driven by our technology that is targeted at improvements in fuel economy, emissions reduction and vehicle performance, the fastest growing parts of the market.
LKQ First Quarter Net Income Up 44 Percent
LKQ Corp. has announced results for its first quarter, which ended March 31, with revenue of $192.1 million, net income of $12.1 million and diluted earnings per share of 22 cents.
NASCAR Restructures Executive Management Team
NASCAR has announced multiple management changes, effective immediately, that the association says will position it to continue its strong growth and more efficiently manage business decisions and communications throughout the company and the industry. As part of the restructuring, Paul Brooks will be taking on additional responsibilities as senior vice president and will continue his role as president of NASCAR Broadcasting and NASCAR Digital Entertainment. Brooks will now oversee all broadcasting, new media, entertainment, corporate administration, corporate communications, diversity, international business and business affairs. In addition, Steve Phelps is promoted to chief marketing officer (CMO) and will oversee all NASCAR corporate marketing, industry marketing, brand and consumer marketing, multi-media, sales, licensing, business development and The NASCAR Foundation.
Polk Appoints Deborah Young Vice President, Human Resources
R. L. Polk & Co. announced the appointment of Deborah Young as vice president of human resources for Polk North America. In this role, Young will oversee the design and implementation of company strategies in the areas of benefits and compensation administration, employee relations, government compliance, organizational development, performance management and recruitment/staffing.
Lear Establishes Joint Ventures with Comer Holdings, LLC
Lear Corp. has reached an agreement to establish two joint ventures with Comer Holdings, LLC, for the assembling, sequencing and manufacturing of automotive interior components to the automotive industry. Comer Holdings acquired a 51 percent ownership interest in Bing Assembly Systems, LLC (BAS), the former joint venture between Lear and Bing Manufacturing Inc., as part of a reorganization in which a Bing Group affiliate has acquired BAS’s Detroit plant.
East Penn Named to Fortune’s “100 Best Companies to Work For” List
East Penn Manufacturing was recently named to Fortune magazine’s ninth annual “100 Best Companies to Work For” list. The Lyon Station, PA-based battery manufacturer was listed as number 79 in the overall ranking, which includes hundreds of companies throughout the U.S. The list and related stories appear in the January 23 issue of Fortune and on the magazine’s website ( www.fortune.com).
R. L. Polk & Co.’s Ask the Industry: Are We Doing Enough to Attract the Next Generation?
For this edition of Ask the Industry, we asked executives representing a number of market segments including manufacturing, service and training: Are we doing enough to attract bright young professionals to this industry? If not, what more needs to be done? And, what are the dealerships doing that we can’t or haven’t?
Johnson Controls Elects New Corporate Officers
Charles Harvey and Dr. Beda Bolzenius have been elected vice presidents and corporate officers for Johnson Controls.
American Axle & Manufacturing Reports Third Quarter 2005 Financial Results
American Axle & Manufacturing Holdings, Inc. (AAM) this week reported sales and earnings for the third quarter of 2005. Third quarter earnings were $19.3 million or 38 cents per share. This compares to earnings of $36.4 million or 68 cents per share in the third quarter of 2004. AAM’s earnings in the third quarter of 2005 reflect the impact of a retroactive metal market cost recovery agreement under which AAM was reimbursed for costs incurred in the first half of 2005. This retroactive benefit was partly offset by costs related to other provisions of the metal market recovery agreement and other retroactive purchased material cost adjustments we incurred in the quarter. The net favorable impact of these agreements was $6.2 million in the quarter or 8 cents per share.
DURA Automotive Reports 2005 Second Quarter
DURA Automotive Systems, Inc. reported revenues of $623.8 million for the second quarter ended July 3, 2005, compared to $658.8 million in the prior-year quarter. Net income for the quarter was $3.0 million, or $0.16 per diluted share, compared to net income of $3.3 million, or $0.18 per diluted share, in the prior-year quarter.