Executive Interview: Affinia President Terry McCormack Discusses the Future
Yesterday it was announced that Dana Corp. had completed the sale of the Dana Automotive Aftermarket Group (AAG) to Cypress Group, a New York-based buyout firm. The new company, renamed Affinia, will be lead by Terry McCormack, an aftermarket veteran of more than 30 years. McCormack spent three decades in positions of increasing responsibility at Dana, and was named president of Dana AAG in 2000. Join us as McCormick describes to us his visions for the future of Affinia and reflects back on AAG’s time under the Dana organization.
AFFINIA Exec Discusses State of Acquisition
One of the biggest news stories of the year was the sale of the Dana Automotive Aftermarket Group (AAG) to New York-based buyout firm Cypress Group, which agreed to purchase the AAG unit for approximately $1 billion. That deal was announced in early July of this year, and two months later, on Sept. 8, it was announced that Dana AAG would have a new name under its new owners – AFFINIA. aftermarketNews.com sat down with AFFINIA’s John Washbish in Las Vegas just prior to the start of the AAPEX show to update show attendees on the state of the transition. Washbish is AFFINIA president of Customer Relationship Management (CRM), a position he has held since 2003. Recently, his duties were expanded to include serving as vice president and general manager of the AFFINIA Undercar Group, which includes the Raybestos, Spicer, Aimco and McQuay-Norris brands.
Dana Third Quarter Profit Falls
Dana Corp., the biggest maker of axles for light trucks, said third-quarter net income fell 34 percent as U.S. carmakers trimmed production and raw material costs rose. Net income dropped to $40 million, or 27 cents a share, from $61 million, or 41 cents, the Toledo company said Wednesday. Sales rose 12.2 percent to $2.11 billion from $1.88 billion. Higher steel costs alone reduced net income by $22 million, Chief Executive Michael Burns said in a statement.
Dana AAG Announces Organizational Changes
While still waiting to complete its move to new ownership by Cypress Group, Dana Corp.’s Automotive Aftermarket Group (AAG) has announced several organizational changes. The changes affect both the under hood and under vehicle portions of the business. According to Terry McCormack, president of the group, the changes will “further streamline and strengthen our ability to lead the aftermarket in responsiveness, service and product offering.”
Cypress Group Announces New Name for Automotive Aftermarket Group Unit
The Cypress Group announced today that the automotive aftermarket business it is in the process of purchasing from Dana Corp. will be named “AFFINIA” after the transaction is completed. The announcement was made by Michael Finley, managing director of Cypress. “The name AFFINIA reflects the collaborative approach the business maintains with its many constituents,” said Finley. “It describes the spirit of teamwork and service that guides the way the aftermarket team does business with its customers, and also speaks to the collaboration and teamwork that characterize the way the company’s people interact each day.
AMN Publisher Jon Owens Talks about “Getting in Sync”
Technology is a fact of life in business. Technology is ready for us. The question is, are we ready for it? We’ve run the alphabet soup of acronyms by you before: PIES, HTML, DAC, XML and on and on. But don’t make light of them. They will be common jargon for you very soon.
Private Equity Firms Drive Away With More Auto Parts Deals
The auto parts industry continues to be one of the favorite places for private equity firms to put their money as they invested more than $1.5 billion in the industry in July.
Executive Interview with Terry Shively, Vice President and General Manager, Clevite Engine Parts, Dana Corp.’s Engine and Fluid Management Group
Our latest edition of “Executive Interview” features Terry Shively, vice president and general manager of Clevite Engine Parts, Dana Corp.’s Engine and Fluid Management Group. Shively is responsible for the marketing, sales and distribution of Dana Corporation’s Clevite Engine Parts division products. With 11 locations across the U.S., Clevite supplies Victor Reinz gaskets, Clevite 77 engine bearings and Perfect Circle piston rings to the distributor and production engine rebuilder markets.
Executive Interview: John Washbish Talks About the Dana AAG Acquisition
Our latest edition of “Executive Interview” features John Washbish, president of customer relationship management for the Dana Automotive Aftermarket Group (AAG). On Friday it was officially announced that New York-based investment firm Cypress Group agreed to buy Dana AAG for $1.1 billion. We had the opportunity to talk to Washbish just hours after the announcement was made. Join us as he shares some of the preliminary details on the acquisition and talks about the future of the Automotive Aftermarket Group.
Updated: Cypress Group to Buy Dana AAG Unit
It’s official. Dana Corp. has finally named a buyer for its Automotive Aftermarket Group (AAG). As first-reported early this morning in a ”Breaking News” bulletin from aftermarketNews.com, New York-based buyout firm Cypress Group has agreed to purchase the Dana AAG unit for approximately $1.1 billion in cash. Dana AAG President Terry McCormack and John Washbish, the AAG unit’s president of customer relationship management, along with their executive team will continue with the company. According to Michael Finley, managing director of Cypress, former Echlin top execs Larry McCurdy and Joe Onorato have signed on to serve as directors of the new company.