Rep. Joe Knollenberg Challenges Japan on Misaligned Yen
The Automotive Trade Policy Council, whose members include General Motors, Ford and DaimlerChrysler, applauded legislation int rod uced this week by Rep. Joe Knollenberg (R-MI) that directs the U.S. to work with its major trading partners and the International Monetary Fund (IMF) to insist that the Japanese government return the severely undervalued yen to its true market value. Japan has spent over $400 billion since 2001 to weaken the yen in an effort to facilitate economic growth through greater exports.
Visteon Announces First Quarter 2007 Results
Visteon Corp. has announced results for first quarter 2007. For first quarter 2007, Visteon reported a net loss of $153 million, or $1.19 per share, on total sales of $2.93 billion. The first quarter results included $50 million of non-cash asset impairments. EBIT-R, as defined below, for first quarter 2007 was negative $46 million.
DENSO Announces Year-end Financial Results
KARIYA, Japan — DENSO has announced global financial results for the fiscal year ended March 31. Consolidated net sales totaled $30.6 billion, a 13.2 percent increase from the previous year. Consolidated operating income totaled $2.6 billion, a 13.7 percent increase from the previous year. Consolidated net income totaled $1.7 billion, a 20.9 percent increase from
Hayes Lemmerz Reports 2006 Fiscal Year End Results
Hayes Lemmerz International has reported financial results for its fiscal year ended Jan. 31. The results were in line with preliminary results announced on March 16, and with guidance the company provided to investors in December 2006. For the fiscal year, the automotive and commercial highway wheels and components maker reported sales of $2.06 billion, up 5.1 percent from sales of $1.96 billion in the prior fiscal year. Earnings from operations were $4.8 million for fiscal 2006, compared with a year earlier loss from operations of $215.2 million, which included $185.5 million of goodwill impairment charges.
Former Visteon Exec Brian Lee Named Managing Director of Global Passenger Thermal Management for Modine
Modine Manufacturing Co. has named Brian Lee managing director, global passenger thermal management. Lee brings to the position more than 20 years of experience in the climate control HVAC business, sales, marketing, program management, planning and product and manufacturing engineering. Before joining Modine, Lee worked for Visteon Corp. where he was director, strategy and planning for climate control operations and sales director, chassis products.
Carmakers Racing to Stay in Control
From International Herald Tribune Porsche’s decision to raise its stake in Volkswagen, along with DaimlerChrysler’s recent decision to seek bidders for Chrysler, reflect European automakers’ desire to control their own fates, rather than see them decided by less friendly acquirers. The two remaining U.S. automotive giants, General Motors and Ford Motor, would be wise to
Bob Lutz of GM to Deliver Luncheon Address at 2007 GAAS
RESEARCH TRIANGLE PARK, NC — Robert Lutz, General Motors vice chairman of product development, will deliver an inspirational speech on Tuesday, May 8, as the luncheon speaker at the Global Automotive Aftermarket Symposium (GAAS) held at the Hyatt Regency O’Hare in Chicago. Lutz has served GM in various capacities since 2001, including chairman of GM
Big Three or Detroit Three?
From Area Development Site and Facility Planning The compass points appear to be turning again. In recent years, it has seemed like South was the only direction that automakers knew when looking for places to build or grow U.S. assembly plants. More recently, though, the old Rust Belt seems to have taken on a new
Tomkins Feels Pressure of U.S. Slowdown and Weak Dollar; Plans to Sell Three U.S. Business Units
Car components and building products group Tomkins plc warned yesterday that the slowdown in the U.S. housing and automotive markets coupled with the weakness of the dollar would hit profits for the first half of this year. The warning came as the group announced a 7 percent fall in pre-tax profits last year to approximately $477 million and said it planned to sell off three American businesses with combined sales of approximately $973 million. Tomkins also said it would cut capital expenditure and transfer more production to low labor cost countries such as Mexico, China and the Czech Republic. The three businesses being sold off are Lasco Fittings, a supplier of industrial and building equipment, Trico, the windshield wiper company, and Dearborn Midwest, which makes heavy conveyor systems for car plants.
Timken Sees Expansion in 2007
Timken Co. executives said the Canton company had a decent 2006, even as profit fell dramatically in the fourth quarter. And the bearings and specialty steel maker said it is in a buying mood for 2007. Timken expects this to be a better year than 2006, despite anticipated ongoing weakness from its North American automotive customers.