International Speedway Reports Second Quarter Results
International Speedway Corp. (ISC) has reported results for the fiscal second quarter and six months ended May 31. Total revenues for the second quarter were $174.9 million, compared to revenues of $181 million in the prior-year period. Operating income increased to $42.9 million during the period compared to $35 million in the second quarter of fiscal 2007.
Unite and USW Sign Ã′®‚¬⊄œSuper UnionÃ′®‚¬®„′ Document
On July 2, Unite, the U.K.’s biggest union, and the USW, the largest private sector union in the U.S. and Canada, signed an agreement creating the first global union. The document was signed at the USW’s Constitutional Convention in Las Vegas. The union, to be called Workers Uniting, will represent 3 million people from every industrial sector in Britain, Ireland, the U.S., Canada and the Caribbean. The agreement to form a global union, said Unite in a press statement, was initiated by the leaders of the two unions in response to the challenges of globalization, particularly the "casualization" of employment and reductions in pay experienced by many in North America and Europe.
Tiremakers Issue Recalls
Both Goodyear and American Pacific Industries (API) are recalling limited numbers of consumer tires, according to National Highway Traffic Safety Administration (NHTSA). Goodyear is recalling 5,300 Dunlop Winter Sport 3D tires in size 225/50R17 with DOT number DM40 2TTR, and Dunlop Winter Sport M3 tires in size 275/35R18 with DOT number DMBL 2J8R. These tires
Visteon Completes Sale of Its Swansea, UK, Operation; Provides Restructuring Update
Visteon has completed the sale of its Swansea, United Kingdom, operation to Linamar Corp., a Canadian-based auto parts manufacturer. The company said the sale of the Swansea operation represents a significant milestone in its effort to address non-core facilities and improve its financial performance in connection with its three-year improvement plan. The Swansea operation, Visteon’s largest operation in the U.K., generated negative gross margin of approximately $40 million on sales of approximately $80 million during 2007.
Modine Shifting Production to Harrodsburg Plant as Manufacturing Realignment Continues
HARRODSBURG, Ky.– Modine Manufacturing Co. announced it will be transferring additional production to its plant in Camdenton, Mo., from one of the U.S.-based operations the company intends to close over an 18- to 24-month period. With the new business, the Harrodsburg plant’s workforce is expected to double in size to approximately 400 hourly and 40
Bridgestone Considers Closing Air Spring Plant
Bridgestone Americas Holding (BAH) has announced plans to close its Firestone Industrial Products Co. air spring plant in Noblesville, Ind. BAH has sent a “Notice of Potential Plant Closure” to the United Steelworkers, which represents workers at the 72-year-old plant. The notice calls for the plant to be closed in 2009. The company, which produces
Tomkins Sells Stant Corp. to Private Equity Group
Tomkins plc has sold Stant Corp. to H.I.G. Capital, LLC, a U.S.-based private equity group.The business is headquartered in Connersville, Ind. In 2007, Stant had annual sales and gross assets of $179 million and $95 million respectively. The sale keeps with Tomkins’ current strategy to dispose of non-core operations.
Michelin Ups Stake in Hankook
From Reuters French tire maker Michelin has raised its stake in Hankook Tire Co. to nearly 10 percent through stock market purchases, the South Korean company said on Friday. The announcement comes after Michelin announced the week prior that its shareholding in Hankook rose from 6 percent to 8.9 percent, as part of a previous
DURA Emerges from Chapter 11
DURA Automotive Systems has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization, including successfully closing its exit financing facilities and filing associated documentation. In conjunction with its emergence, the company also announced its new board of directors.
Joseph Wilsted Named President of Lydall’s Automotive Business
Lydall, Inc. has appointed Joseph Wilsted president of its worldwide automotive business. Wilsted comes to Lydall with more than 25 years of manufacturing and finance experience. He has a strong background in lean manufacturing and technology-driven solutions as well as extensive global experience having established and managed manufacturing operations in Europe and Asia.