Lear Names William Mattingly Vice President, Engineering, Global Electrical and Electronics
SOUTHFIELD, Mich. — Lear Corp. has appointed William Mattingly vice president, engineering, global electrical and electronics, effective Aug. 1. In his new role, Mattingly will report to Ray Scott, president of Lear’s Global Electrical and Electronics business, and will be responsible for global engineering, including new product innovation, product development and on-going technical support of
LKQ Net Income Up More Than 121 Percent
LKQ Corp. has announced results for its second quarter ended June 30, with revenue of $484.4 million, net income of $31 million and diluted earnings per share of 22 cents. For the second quarter of 2008, revenue increased 107.6 percent to $484.4 million compared with $233.3 million for the second quarter of 2007. Net income for the quarter increased 121.1 percent to $31 million compared with $14 million for the second quarter of 2007.
TRW Automotive Reports Second Quarter Sales Increase
TRW Automotive Holdings Corp. has reported second quarter 2008 financial results with sales of $4.4 billion, an increase of 18.4 percent compared to the same period a year ago. The company reported second quarter net earnings of $127 million or $1.24 per diluted share, which compares to net earnings of $97 million or 94 cents per diluted share in the prior year period.
Bafin Approves Schaeffler’s Bid for Continental
The German federal financial supervisory authority Bafin has given the go-ahead for Schaeffler Group’s $109.50 (70.12 euro) per share cash bid to take over Continental AG. According to an official statement on the subject, the acceptance period for the offer began yesterday and ends at midnight on Aug. 27. The Schaeffler Group reiterated its plans to acquire a stockholding of “more than 30 percent in Continental AG.” According to Schaeffler, this strategic shareholding is necessary to enable the implementation of the Group’s objectives and to safeguard the long-term investment in the company.
Midas Reports Second Quarter Results; Begins Co-Branding of Midas Services at SpeeDee Shops
Midas has reported net earnings of $2.2 million, or 16 cents per diluted share, for the second quarter ended June 28, compared to $3 million, or 21 cents per diluted share, in 2007. The 2008 results include 3 cents per share of special items relating to business transformation activities and losses on sales of assets, while the 2007 number includes 4 cents per share of special items.
Goodyear Reports Strong Second Quarter and First Half Results
Goodyear has reported record second quarter sales driven by the performance of its international businesses. Goodyear said its second quarter sales were a record $5.2 billion, up 6.5 percent from last year due to improved pricing, a richer product mix and the impact of favorable foreign currency translation, which offset lower volume in North America and Europe. Also impacting results was the 2007 divestiture of the company’s T&WA tire mounting business, which had sales of $186 million in last year’s second quarter.
Tenneco Reports Second Quarter Earnings; Announces Restructuring of North American OE Unit
Tenneco has reported second quarter net income of $13 million, or 26-cents per diluted share, compared with $41 million, or 85-cents per diluted share, in second quarter 2007. Adjusted for the items below, net income was $34 million, or 71-cents per diluted share, versus $42 million, or 88-cents per diluted share a year ago.
2008/09 Leadership 2.0 Class Nearly Sold Out
Just two spots remain in the 2008/09 class of the University of the Aftermarket’s Leadership 2.0 program, an MBA-level executive development experience designed specifically for aftermarket professionals. University of the Aftermarket Director Brian Cruickshank reported that 23 of the 25 available positions have been filled. To reserve one of the two remaining spots, aftermarket professionals are urged to contact university offices as soon as possible.
Delphi Given Permission to Sue Appaloosa
The judge presiding over Delphi’s Chapter 11 case has given the parts supplier permission to move forward with a lawsuit against Appaloosa Management. Delphi is alleging that the hedge fund did not intend to follow through on its $2.55 billion equity investment that it unexpectedly pulled out of in April, which caused further delay in
Autoliv Acquires Tyco’s Automotive Radar Sensors Business
Autoliv Inc. has agreed to acquire the automotive radar sensors business of Tyco Electronics Ltd. for $42 million. The business that Autoliv intends to acquire, is a “carve-out” of the Radio Frequency and Subsystems business unit within Tyco Electronics. This part of the business unit designs and manufactures active radar proximity and attribute sensor systems used in vehicle driver assist and safety applications for the global automotive market — and is the development partner of Daimler for automotive radar sensor technology. Existing customers include BMW and Chrysler along with other non-OEM customers.