GDX International to be Sold to Private Equity Firm
GDX International Holdings Ltd. (GDX), a global supplier of sealing systems and glass encapsulation products for the automotive sector, is being sold to MAPS Holdings Inc., an affiliate of Chicago-based private equity firm, Wynnchurch Capital. As part of this transaction, MAPS Holdings will acquire GDX’s global headquarters in Farmington Hills, MI, and the company’s operating facilities in New Haven, MO, Welland, Ontario, Guadalajara, Mexico, and Grefrath and Rehburg, Germany, as well as facilities in the Czech Republic and GDX’s joint venture operations in China.
Tenneco Elects Dennis Letham to Board of Directors
LAKE FOREST, IL — Tenneco has elected Dennis Letham to the company’s board of directors, effective immediately. Letham is executive vice president, finance and chief financial officer of Anixter International Inc., a $5.5 billion global distributor of communications products, wire and cable products, fasteners and other small components for original equipment manufacturers. "We are pleased
PPG Reports Record Third Quarter Sales, Strong Earnings
PPG Industries has reported record sales for the third quarter of $2.8 billion, surpassing the prior year’s third quarter results by 13 percent. Third quarter net income was $191 million, or $1.15 per share, and was comprised of net income from continuing operations of $215 million, or $1.29 per share, and a loss from discontinued operations, net of tax, of $24 million, or 14 cents per share.
GPC Reports Increased Third Quarter Sales and Earnings
Genuine Parts Company (GPC) has reported increased sales and earnings for the third quarter and nine months ended Sept. 30. Thomas Gallagher, chairman, president and chief executive officer, announced that sales totaling $2.8 billion were up 4 percent compared to the third quarter of 2006. Net income for the quarter was $128.6 million, an increase of 6 percent over $121.3 million recorded in the same period of the previous year. Earnings per share on a diluted basis were 76 cents, up 7 percent compared to 71 cents for the third quarter last year.
Federal-Mogul Reports Third Quarter 2007 Results
Federal-Mogul has reported its financial results for the three and nine month periods ended Sept. 30. Federal-Mogul reported net income of $14 million for the quarter ended Sept. 30, compared to net income of $3 million for the third quarter of 2006. For the nine months ended Sept. 30, the company reported net income of $22 million, compared to a net loss of $83 million for the comparable period of 2006. The year-to-date results reflect an 8 percent increase in sales, improved gross margin and reduced selling, general and administrative expenses.
ArvinMeritor Recognized for Women’s Leadership Programs
TROY, MI — ArvinMeritor has become the first company from the automotive manufacturing industry sector to be classified as a "Most Valuable Player" (MVP), according to the 2007 Women’s Leadership Index (WLI). To achieve elite MVP status, ArvinMeritor was recognized in the following categories for Fortune 500 companies: — Women Directors: ArvinMeritor has two women
ITW Revenues Increased 16 Percent in the Third Quarter
Illinois Tool Works Inc. (ITW) has reported 14 percent growth in diluted net income per share in the 2007 third quarter. Diluted net income per share was 89 cents versus 78 cents in the 2006 third quarter. Additionally, the company’s third quarter net income increased 10 percent. The double-digit growth in third quarter earnings per share was in part due to ongoing strength from a broad variety of international end markets tempered by weaker North American end market activity.
Chrysler Set to Ax Models
Chrysler LLC could cut as many as five nameplates within the month as part of its quick and dramatic makeover as a newly private company. It’s "highly likely" Chrysler’s top brass will approve plans to kill vehicles this month, a person familiar with the situation told the Free Press. About five vehicles are being considered for elimination, but the source would not reveal which ones.
U.S. Auto Parts Network Names Shane Evangelist Chief Executive Officer
U.S. Auto Parts Network, an online provider of aftermarket auto parts and accessories, has appointed Shane Evangelist as chief executive officer. Evangelist succeeds Mehran Nia, who served as president and chief executive officer since founding U.S. Auto Parts in 1995. Nia will continue to serve on the board of directors. Prior to joining U.S. Auto Parts, Evangelist served as senior vice president and general manager of Blockbuster Online, where he was responsible for leading the creation, development and launch of Blockbuster’s online movie rental service. Under Evangelist’s leadership, Blockbuster grew monthly unique visitors faster than any other e-commerce company in 2004, was listed as the fastest growing Top 500 e-commerce business in 2005 according to Internet Retailer and followed that up as the fastest growing Top 100 e-commerce business in 2006.
Hulk Hogan Tagged as Grand Marshal of ACDelco Las Vegas Nationals
ACDelco officials have announced that they will be adding some extra muscle to an already high-powered event, naming professional wrestling icon and reality TV star Hulk Hogan as the Grand Marshal of this year’s ACDelco NHRA Las Vegas Nationals. Kurt Johnson’s ACDelco Cobalt will commemorate Hogan’s participation by carrying a special paint scheme that will be unveiled on Thursday, Oct. 25 as part of the NHRA FanFest, which will held at the Fremont Street Experience in downtown Las Vegas. The addition of the flamboyant Hogan to the ACDelco line-up continues the automotive replacement parts leader’s long-standing tradition of having race dignitaries worthy of the Entertainment Capital of the World.