Compuware Panning to Buy Covisint
Compuware Corp., the largest high-tech company based in Michigan, is expected to announce that it will purchase financially struggling Covisint LLC, according to documents on Compuware letterhead obtained by the Detroit Free Press. The acquisition, expected to be completed within 30 days for an undisclosed “small cash transaction,” ends the most expensive Internet start-up and flop ever launched in Michigan.
ACDelco Announces Plans for National Car Care Month
ACDelco is stepping up its efforts to promote April’s National Car Care Month (NCCM) and the industry-wide “Be Car Care Aware” campaign, which educates consumers on the benefits of proper vehicle maintenance. In honor of National Car Care Month, ACDelco is teaming up with warehouse distributors in select markets to participate in its first-ever car care initiative, which will educate consumers about the benefits of regular vehicle care, maintenance and repair.
Delphi Says Law Will Affect Payouts
Delphi has said the Medicare prescription-drug law passed last month may reduce the company’s future payouts for retiree health-care coverage by $454 million. The company’s obligation at the end of 2003 would have been $8.02 billion with the legislation, or five percent less than $8.47 billion reported, Delphi said in an annual regulatory filing.
TRW Raises $676 Million in Public Offering
TRW Automotive Holdings Corp., which was bought by private equity firm Blackstone Group LP for about $4.7 billion last year, has raised $676 million in an initial public offering. The Livonia, Mich.-based company sold 24.14 million shares of stock at $28 a share. The company had predicted it would sell the stock at between $28 and $30 a share.
American Axle OKs Stock Buyback
Detroit-based American Axle & Manufacturing Holdings announced that its board approved a share repurchase program calling for the company to repurchase up to 2.5 million shares of its stock over the next two years.
Dura to Close a Tennessee Plant
Dura Automotive Systems, once the largest manufacturing employer in Tennessee’s Bledsoe County, will close its plant there in June and lay off the 80 workers left from a workforce that was 500 strong four years ago.
Executive Interview with John Washbish, President – Customer Relationship Management, Dana Automotive Aftermarket Group (AAG)
Every other week, aftermarketNews.com offers an interview with a high-profile individual in the automotive aftermarket. We give executives free rein to express their views on anything from the state of their corporations to recent legislative news to future trends in their niche markets. Here you see what matters to the newsmakers themselves.
More Than 300,000 Tests Taken in CCAR’s S/P2 Online Training
The Coordinating Committee For Automotive Repair (CCAR) has surpassed 300,000 tests taken in its “S/P2” online training in Safety and Pollution Prevention for the automotive repair industry.
UAW Organizes at Dana to Shore Up Membership
The UAW has organized about 2,000 workers at five Dana Corp. plants from Michigan to Tennessee as the union seeks to rebuild its active ranks and regain power in the auto industry. Along the way, the union faces opposition not only from workers who don’t want a union but also from those who want a tougher union that would fight and win better wages, benefits and working conditions. To them, the UAW has become too conciliatory as it strives to gain members.
Delphi Increases Product Coverage in North America, Launches Three New Catalogs
Delphi is introducing three new 2004 product catalogs for engine management and HVAC systems, including Delphi Freedom batteries, EGR valves and thermal components. The new catalogs cover 950 part numbers, 300 of which are all new for 2004, providing expanded coverage in North America.