LIVE FROM GAAS — The View from Wall Street
Morgan Stanley’s lead auto analyst Jonathan Steinmetz opened his presentation Wednesday morning at GAAS by taking a look at the current and projected state of the new vehicle market. “The new vehicle market is affecting what will happen in the aftermarket down the line,” said Steinmetz. “It’s still rough out there.”
Advanced Accessory Systems to Sell Towing System Businesses to Thule
Advanced Accessory Systems LLC (AAS), a manufacturer of automotive roof racks and towing systems, has agreed to sell its towing system businesses in the U.S. and Europe to Thule, AB, of Sweden. Alan Johnson, president and chief executive officer of AAS, said Thule initiated the negotiations and had made a substantial offer.
Advanced Accessory Systems to Sell Towing System Businesses to Thule
Advanced Accessory Systems LLC (AAS), a manufacturer of automotive roof racks and towing systems, has agreed to sell its towing system businesses in the U.S. and Europe to Thule, AB, of Sweden. Alan Johnson, president and chief executive officer of AAS, said Thule initiated the negotiations and had made a substantial offer.
Cottman and AAMCO Transmissions Merge, AAMCO Sold to Buyout Firm
It was announced yesterday that Cottman Transmission is reuniting with AAMCO Transmissions, forming one of the country’s largest complete car care companies, with more than 1,100 locations throughout the U.S. The combined company will eventually operate as AAMCO Transmissions. Cottman Transmission centers are expected to transition to the AAMCO name. In a separate statement released yesterday, it was announced that AAMCO has been sold to American Capital Strategies.
Modine’s Aftermarket Spin-Off Named U.S. Middle Market Deal of the Year
Modine Manufacturing Co.’s spin-off of its aftermarket business and the simultaneous merger of that business with Transpro, Proliance International won two awards from The M&A Advisor. The transaction received the top award, U.S. Middle Market Deal of the Year, and also won the Manufacturing – Industrial Deal of the Year award at The 4th Annual M&A Advisor Awards were held Dec. 5 at the New York Athletic Club in New York.
BREAKING NEWS: CSK Auto To Purchase Murray’s Discount Auto Stores
CSK Auto Corp., parent company of CSK Auto, announced today it has entered into a definitive merger agreement to acquire Murray’s Inc. and its subsidiary, Murray’s Discount Auto Stores. As part of the merger agreement, CSK will purchase all outstanding Murray’s stock for approximately $170 million in cash (which includes amounts to repay existing indebtedness of Murray’s).
DURA Automotive Chairman Resigns
DURA Automotive Systems, Inc. announced that Scott Rued resigned as chairman of the board and as a director of DURA. As part of a long-term transition plan, Rued’s resignation was to occur in May 2006, but due to other pressing business commitments, Rued chose to end his service early. Rued was appointed to the DURA board and elected chairman in April 2002.
Bell Automotive Acquires Victor Products
Bell Automotive Products, Inc. has acquired Victor Products, a marketer and packager of automotive accessories, parts and supplies for mass merchants and specialty automotive retailers. Victor is a division of Barjan Products, L.L.C. Following the close of the transaction, the Victor and Monkey Grip product lines, which include tire repair kits, gauges, sealants and other automotive related products, will be integrated into the Bell family of products.
Divestment May Be Tough for Dana Corp.
With operations from Visteon Corp. and other troubled automotive suppliers already up for sale, Toledo’s Dana Corp. may have a tough time divesting $1.3 billion worth of businesses that it put up for sale.
Executive Interview with Max Dull, President and CEO, Beck/Arnley
This week, we hear from Max Dull, president and CEO of Beck/Arnley, the import replacement parts manufacturer that recently went independent after being divested from the former Dana AAG, now Affinia. An executive with a thorough knowledge of, and background in, nearly every segment of the automotive aftermarket, Dull provides interesting insights on the future of our industry. Join us as he brings us up to speed on the newly independent Beck/Arnley and the future of the import parts market.