Threat of Terrorist Attack Forces Cancellation of Dakar Rally
The Dakar Rally, the legendary race across the Sahara which is deemed to be one of motorsport’s toughest and most dangerous competitions, has been cancelled for the first time in its 30-year history because of security fears. The Amaury Sport Organisation (ASO), which organizes the race, said it took the last-minute decision following the recent murders of four French tourists in Mauritania, as well as threats from terrorist groups against the rally itself, which was due to start in Lisbon on Friday.
Aftersoft Gets New Financing Deal
NEW YORK and LONDON — Aftersoft Group Inc., which supplies business software to the automotive aftermarket, has successfully completed a revolving credit and term loan agreement with ComVest Capital LLC, raising $6 million in funds for working capital and other general corporate purposes. Ian Warwick, Aftersoft’s chairman and CEO, said, “We have successfully completed a
A. Schulman to Re-assess North American Automotive Business
Plastics additives maker A. Schulman Inc. said Thursday it is re-assessing its North American automotive business with a 100-day plan designed by Chief Executive Joseph Gingo that is aimed at improving the company’s profitability and drive future earnings growth. The plan addresses six primary areas of transformation, such as a more efficient and effective utilization of the North America manufacturing facilities. The plan also includes the suspension of further capital expenditures on Invision until the marketing strategy has been refined to ensure accelerated market adoption of the multi-layered sheet product.
PPG Acquisition of SigmaKalon Group to Accelerate Company’s Coatings and Specialty Products Business
PPG Industries has completed its acquisition of SigmaKalon Group, a worldwide coatings producer based in Uithoorn, Netherlands, from global private investment firm Bain Capital. The total transaction value, including assumed debt, was approximately $3.2 billion. The company expects to add approximately $3 billion in sales annually as a result of the acquisition.
Alliance Extends Commitment to Charity Cars Campaign
During the Winter Shareholder’s Meeting of Aftermarket Auto Parts Alliance, Inc. (Alliance) in Boca Raton, FL, the members of Auto Value/Bumper to Bumper unanimously agreed to extend their commitment to the Charity Cars Campaign through 2008. The members also set a new donation target of 1,000 vehicles to victims escaping domestic abuse.
The Top Ten News Stories of 2007
For the fourth year in a row, the editorial staffs of aftermarketNews and Counterman magazine have selected what they determined to be the most significant events to impact the automotive aftermarket in the past year. News stories are presented in chronological order.
Cerberus Chief Is Forced Into Spotlight
The Independent – London By Stephen Foley NEW YORK — The secretive private equity billionaire Stephen Feinberg was forced into the public spotlight last week, called to a Delaware courthouse to explain why his firm, Cerberus Capital, was trying to wriggle out of a buyout deal agreed earlier in the year. Feinberg has obsessively guarded
The Top Ten Newsmakers of 2007
For the fourth year in a row, the editorial staffs of aftermarketNews and Counterman magazine have selected 10 individuals who have made an impact on the industry this past year. The list is presented in alphabetical order.
China Automotive Systems Announces Plan to Acquire Bigger Stake in Henglong
Power China Automotive Systems, a power steering components and systems supplier in China, has started discussions with Hubei Wanlong Investment Co. (Hubei) to acquire an additional 36.5 percent of Henglong Automotive Parts Co. No binding agreement has been signed yet and the discussion is continuing. Henglong, which is currently 44.5 percent owned by China Automotive Systems, manufactures power steering systems and components for China’s rapidly growing passenger vehicle market.
Snap-on Elects Nicholas Pinchuk Chief Executive Officer, Jack Michaels to Remain Chairman
As part of a succession plan, Snap-on has announced that Nicholas Pinchuk, currently president and chief operating officer, has been elected president and chief executive officer. Pinchuk succeeds Jack Michaels, who will remain chairman of Snap-on’s board of directors. Pinchuk joined Snap-on in 2002 as senior vice president and president of Snap-on’s Worldwide Commercial and Industrial Group. He was named president and chief operating officer in April 2007, when he was also appointed to Snap-on’s board of directors.