Michelin Raises Stake in Hankook
From Reuters French tire maker Michelin said on Wednesday it had raised its stake in South Korean peer Hankook Tire to 8.9 percent from 6 percent. A Michelin spokeswoman added that the company had raised its stake as part of a previous agreement with Hankook that allows Michelin to have up to 10 percent of
Executive Interview with Camilla Denison, President of Champion Laboratories, Inc.
Camilla Denison is president of Champion Laboratories, Inc., a business unit of United Components. She joined the company in 2005, after an extensive career with such companies as General Motors, ITT Automotive, Visteon Corp. and Textron Fastening Systems, from which she retired before reaching the age of 40. Denison came out of retirement to join Alemite Corp., where she served as CEO before joining Champion. Today, Denison shares with us a little background on how values, ethics and business strategies have grown Champ Labs from a small, entrepreneurial business into a global success story.
MEMA Members Tell Legislators: “Now is the Time”
The theme “Now is the Time,” has never seemed more appropriate as members of the Motor & Equipment Manufacturers Association (MEMA) gathered on Capitol Hill this week to talk to legislators about the critical issues currently challenging the motor vehicle supplier industry. Rather than simply bringing a laundry list of complaints to legislators this week, motor vehicle suppliers that attended MEMA’s annual Legislative Summit focused on ways that the industry can be part of the solution rather than part of the problem.
China to be India’s Largest Tire Supplier
China became India’s third largest supplier of tires in 2007-08, leaping from 39th in fiscal year 2002-03, according to sources. Tires made in India are facing a big challenge from cheaper Chinese tires, mainly because of higher raw materials prices. Currently, India imports about 100,000 tires from China each month, the value of annual imports being about $220 million.
NGK Opens Third U.S. Plant
NGK Spark Plugs (U.S.A.), Inc. recently marked the opening its third manufacturing facility in the U.S. with a grand opening ceremony May 19 for its new state-of the-art plant, located in Sissonville, near Charleston, W.Va. The plant will have a capacity of 20 million spark plugs per year for original and replacement equipment markets in the U.S., and is expected to provide more than 80 new jobs in the region.
Value of China’s Auto Parts Industry is Expected to Reach $115 Billion in 2010
According to a new report from Research and Markets, China witnessed a record high in both production and consumption of automobiles and auto parts in 2007, with auto production and consumption reaching 8.88 million units and 8.79 million units respectively. This was influenced by an increase in income as well as reduced prices for passenger vehicles, stimulating consumer demand. China’s export of auto parts reached roughly $2 billion in 2007.
Hayes Lemmerz Reports Improved Sales and Operating Results
Hayes Lemmerz International has reported substantially higher sales, adjusted EBITDA, core operating earnings and liquidity for the first fiscal quarter ended April 30. For the first fiscal quarter, Hayes Lemmerz reported sales of $573.8 million, up 15 percent from $498.6 million in the year earlier quarter. Adjusted EBITDA improved 9 percent to $54.6 million from $50.1 million a year earlier.
Dura Automotive Names Timothy Mann as Vice President of Purchasing
ROCHESTER HILLS, Mich. — Dura Automotive Systems has named Timothy Mann, 41, as vice president of purchasing. He reports to David Szczupak, Dura’s chief operating officer. "Tim brings extensive automotive purchasing expertise, making him a great fit for DURA Automotive," said Szczupak. "We’re pleased to welcome Tim to our organization and look forward to his
Sherwin-Williams Updates 2008 Sales and Earnings Expectations
The Sherwin-Williams Co. is updating its sales and earnings per share expectations for the second quarter and full year 2008 that were provided on April 22. For the full year 2008, the company said it anticipates consolidated net sales will be slightly lower than 2007. Shewin-Williams had previously expected a low, single-digit percentage increase in consolidated net sales over 2007. The company anticipates diluted net income per common share for 2008 will be in the range of $3.60 to $4.10 per share. The previous expectation for the full year 2008 was in the range of $4.70 to $4.85 per share. The significantly lower expectation of diluted net income per common share for the full year 2008 relates primarily to the expected continuation of the unprecedented downturn in the U.S. housing market and rapidly rising raw material cost increases. The company reported diluted net income per common share of $4.70 per share for the full year 2007.
Tony Satterthwaite Named President of Cummins Power Generation
COLUMBUS, Ind. — Cummins Inc. has promoted Tony Satterthwaite to president of Cummins Power Generation, effective immediately, succeeding Tom Linebarger, who was named president and chief operating officer of Cummins Inc. last week. Satterthwaite, 48, has been vice president of the Generator Set Business since 2003. “I am excited to have someone of Tony’s caliber