Tenneco Opens New Emissions Control Plant in Russia
Tenneco Inc. has announced the opening of its second manufacturing facility in Russia, located in St. Petersburg. This facility will be St. Petersburg’s first emissions control manufacturing plant for original equipment manufacturers (OEMs). The 54,000-square-foot facility will supply exhaust systems for Ford Motor Co., and as more OEMs establish production facilities in Russia, the company hopes to win additional business and grow the size and capacity of the new plant.
Magna Powertrain Establishes its First R&D Center in China
Magna Powertrain, a group of Magna International Inc., has announced that Magna Powertrain (Changzhou) Co. Ltd. has been established and put into production in the Changzhou National Hi-Tech District in Jiangsu, where the company has founded the first engineering (R&D) center in this district of China beside the already-existing manufacturing facility. Guenther Apfalter, president of Magna Powertrain Europe and Asia, said that the investment in Magna Powertrain (Changzhou) Co. Ltd. totaled $50 million.
ALLDATA Releases New Updates
ELK GROVE, CA — ALLDATA LLC has issued its quarterly release, adding more than 330,000 pages of factory-correct automotive service and repair information to its core product. In addition, 2,294 new Technical Service Bulletins (TSBs), totaling 7,963 pages, were added. The release reflects new and updated information from U.S., Asian and European auto manufacturers. During
Executive Interview with H.Y. Pae, President, Hankook Tire America
In this exclusive Executive Interview, H.Y. Pae, president of Hankook Tire America Corp., discusses the growth of Hankook in the United States and the ways in which the company is working toward becoming one of the top five tire makers by 2012.
Visteon Reports $67 Million Loss in Second Quarter
Visteon Corp. has announced second quarter 2007 results. For the second quarter 2007, Visteon reported a net loss of $67 million or 52 cents per share, which included non-cash asset impairments of $13 million. Second quarter EBIT-R was $15 million. Sales from continuing operations for the quarter were $2.97 billion, including p rod uct sales of $2.83 billion and services revenues of $141 million. During the quarter, Visteon generated $146 million of cash from operating activities and free cash flow of $66 million.
Timken Reports Second-Quarter Results
The Timken Company has reported sales of $1.35 billion in the second quarter of 2007, an increase of 4 percent over the same period a year ago. “Timken gained further momentum in the second quarter, as demand remained strong in our major industrial market sectors,” said James Griffith, Timken’s president and chief executive officer. “We expect enhanced performance going forward as we drive operations improvements, realize pricing across selected market sectors, bring new capacity online and complete our restructuring efforts.”
R.L. Polk & Co.’s Ask the Industry Looks at the Recent PAACE Automechanika Mexico in Mexico City
PAACE Automechanika Mexico took place for the eighth time from July 11-13 in Mexico City. Around 500 companies exhibited at the event, which attracted some 15,000 visitors. We asked some industry executives what they thought of this year’s show, as well as their general thoughts about the importance of the Mexican aftermarket.
Continental AG and Siemens VDO Automotive AG Join Together to Form Automotive Supplier at Forefront of Global Market
With the biggest acquisition in its 136-year history, Continental AG, Hanover, is investing itself with what it calls excellent prospects for the future in a global market that, while demanding, is equally rich in opportunities.Continental is buying the Siemens VDO Automotive AG from Siemens AG, Berlin/Munich, for $15.6 billion. Today, the supervisory boards of Siemens AG and of Continental AG, in Munich and Hanover respectively, gave their consent for the transaction. Execution of the acquisition is contingent on the approval of the appropriate antitrust authorities. As per 2006, Continental and Siemens VDO Automotive AG realize aggregate annual sales of around $34 billion with a worldwide workforce of close to 140,000.
Executive Interview with Philip Martens, ArvinMeritor Senior Vice President, President, Light Vehicle Systems
In this exclusive Executive Interview, Phil Martens, senior vice president and president of ArvinMeritor’s Light Vehicle Systems business group, brings us up to speed on the return of the Gabriel brand as part of the company’s focus on re-invigorating its global ride control business.
Continental AG to Buy Drum Brakes Maker Automotive Products from Pacifica
From AFX News Limited FRANKFURT — Continental AG said it will buy Automotive Products Italia Srl (AP) from Australia’s Pacifica Group Ltd. for an undisclosed amount. AP, the second largest producer of drum brakes in Europe, last year posted sales of about $109 million, Continental said. The company’s production facility in Cairo Montenotte in the