Goodyear to Close Lincoln, Neb., Belts and Hose Warehouse
Goodyear Tire & Rubber Co. plans to close its warehouse and distribution center in Lincoln, Neb., between July and the end of the year, effectively cutting 160 jobs. According to a company press release, Goodyear will transfer warehouse activities to an undisclosed logistics firm. Goodyear currently operates two large hangars and two smaller buildings in Lincoln, totaling about 290,000 square feet. The company’s new warehouse will be a single, larger building, the release said.
Cooper Tire & Rubber Said Earnings to Exceed Expectations
Cooper Tire & Rubber has raised its expectations for first quarter earnings. Cooper said earnings per share for the first quarter will be in the range of 30 to 34 cents (which includes the impact of approximately $4 million in restructuring costs), significantly higher than the company’s previous estimate of 24 to 28 cents per share which did not include any estimate for restructuring.
Texas-Based MSD Ignition Bought by Gryphon Investors
MSD Ingnition, a manufacturer of products for the high performance segment of the aftermarket, has been bought out by Gryphon Investors, a private equity firm based in San Francisco, Calif. Gryphon Investors purchased 100 percent ownership of El Paso, Texas-based Autotronic Controls Corp. and its MSD Ignition brand on April 8.
Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
WORLDPAC Names New CEO, COO
WORLDPAC President Tom O’Hare has been promoted to CEO of the company. O’Hare will remain on the board of directors. Filling the position that has opened as a result of O’Hare’s promotion, John Mosunic, vice president of finance, has been promoted to president of WORLDPAC. He has also been named COO.
Motorists Can Save Thousands by Repowering Their Engines, Says ERC
A “totaled” engine no longer means having to purchase a new car. Today’s car owners have another option according to the Engine Repower Council (ERC) — purchasing a repowered engine. The ERC is working to promote repowered engines as a viable alternative for consumers.
Executive Interview with Joe Puishys, President of Honeywell Friction Materials
Our latest edition of “Executive Interview” features Joe Puishys, president of Honeywell Friction Materials. A 25-year veteran of the company’s automotive businesses, Joe Puishys has served as president of Honeywell Friction Materials since early 2002. His responsibilities include overseeing the most recent corporate effort to align closely with Honeywell’s business initiatives and operating plan. He has already played a major role in the cost cutting and six sigma programs occurring throughout the organization. Join us as Puishys gives us an update on Honeywell Friction Materials, including plans to expand manufacturing operations and launch new products.
Cooper to Explore Sale of Automotive Business
Cooper Tire & Rubber is considering selling its Cooper-Standard Automotive Group. According to Thomas Dattilo, chairman, president and CEO of Cooper Tire & Rubber, said the company will be best served at this time by focusing on its tire business.
Fenwick Automotive Products Founder Passes Away
Reuben Fenwick, founder of Fenwick Automotive Products, died on Wednesday, March 17. He was 79-years-old. Fenwick founded the remanufacturing business in 1949. The business, which began as a small two-man operation, grew to become one of North America’s leading remanufacturing businesses. Today, the business includes a production facility in Toronto that employs 800, in addition to six warehouses in Canada and one in the U.S.
Executive Interview with Tony Perticari, Vice President of Sales and Marketing, Crown Remanufacturing
Our latest edition of “Executive Interview” features Tony Perticari, a 35-year veteran of the automotive parts industry. Perticari joined Philadelphia-based Crown Remanufacturing in 1986. He currently serves as vice president of sales and marketing for the company and is responsible for all NAFTA and overseas sales and marketing activities. Join us as Tony Perticari tells us what makes Crown tick, and what it takes to stay ahead of the pack. He also shares with us his predictions for the future of the reman industry, and the company.