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.
Dura Bondholders Lose Investing
The plan by Dura Automotive Systems to exit bankruptcy protection could give managers as much as $60 million in stock while leaving most bondholders empty-handed. Pacificor, a hedge fund that owns at least $133 million of Dura’s senior debt, agreed to take control of the auto parts maker, which filed for Chapter 11 protection from creditors on Oct. 30, 2006. Pacificor teamed up with Dura’s chief executive, Lawrence Denton, and managers in a restructuring that values the company’s equity at about $600 million. Ten percent would be set aside for executive incentives. The arrangement provides nothing for holders of $561 million in 9 percent subordinated notes due in 2009. Those investors are finding that buying distressed debt can be a losing gamble when competing with institutions.
Remy Receives Court Approval of First-Day Motions and Interim DIP Facility
Remy Worldwide Holdings has received Bankruptcy Court approval of its first-day motions. This allows Remy to, among other things, pay employee wages and benefits without the ordinary course of business.
C&A May Go out of Business This Week
From Detroit Free Press SOUTHFIELD, MI — Collins & Aikman Corp., once a Fortune 500 auto supplier, is expected to officially go out of business this week. What will remain, even after the company ceases to exist, are nearly 400 patents that a small staff will try to sell. The patents primarily relate to vehicle
DENSO Develops World’s First Passenger Vehicle Refrigeration Cycle System Using an Ejector
DENSO Corp., parent company of Long Beach-based DENSO Sales California has developed the world’s first refrigeration cycle system for passenger vehicles that uses an ejector. The system is used for both an air conditioner and cooler box and is installed on Toyota Motor Corp.’s Land Cruiser, launched in Japan in September. This system will also be installed in the Land Cruiser launched in October in North, Central and South America, Asia and other regions throughout the world.
Oshkosh Truck Corp. Appoints Desmond Soh to President, Asian Operations
OSHKOSH, WI — Oshkosh Truck Corp. has appointed Desmond Soh as president of its Asian Operations. Working out of the Beijing office, Soh will direct overall Oshkosh Truck activities in Asia with a key focus on business expansion. "Desmond’s background and successful track record in overseeing business development, manufacturing operations and purchasing functions in Asia