Two Visteon Employees to be Honored by Society of Automotive Engineers
Two engineering professionals from Visteon Corporation will be honored with the prestigious Forest R. McFarland Award on Tuesday, March 9, at the Honors Convocation during the 2004 Society of Automotive Engineers (SAE) World Congress & Exhibition in Detroit.
Montana Products Names Regional Sales Manager
Automotive coatings manufacturer Montana Products has named Rick Paul regional sales manager, representing Virginia, Maryland and the Carolinas.
Bandag Reports Fourth Quarter Results
Bandag Inc. has reported consolidated net income of $29.1 million, or $1.50 per diluted share, for fourth quarter 2003, compared to consolidated net income of $17.5 million, or $0.91 per diluted share in the fourth quarter 2002. Net income for both the fourth quarter 2002 and 2003 included favorable tax adjustments of approximately $3 million, or $0.15 per diluted share, resulting primarily from the resolution of certain tax matters.
Family Affairs at Two North American Supplier Giants Could Spell Trouble
The family ownership rampant among mid-sized German suppliers is sometimes seen as a liability compared to North America’s bottom line-obsessed car parts makers. But last week, two of North America’s biggest suppliers — Lear and Magna — looked more like fickle family enterprises than the publicly traded automotive giants they are.
Car Care Council Spokesperson Lauren Fix to Appear on NBC’s “Today” Show Tomorrow
Car Care Council spokesperson Lauren Fix will be a guest on NBC’s “Today” show tomorrow to discuss preparing viewers cars for extreme winter weather. She will also provide safe driving tips during the winter season.
ArvinMeritor Reports Fiscal Year 2004 First-Quarter Results
ArvinMeritor reported sales of $2.2 billion and net income of $19 million, or $0.28 per diluted share, for its first fiscal quarter, which ended Dec. 31, 2003. This is compared to the prior year’s first-quarter net income of $32 million, or $0.47 per diluted share. Results for the first quarter of 2004 include a net charge of $0.09 per diluted share as a result of the company’s decision to withdraw its tender offer to acquire all of the outstanding shares of Dana Corp. This charge includes $16 million of pre-tax costs, partially offset by a pre-tax gain of $7 million on the sale of Dana stock owned by the company.
Delphi Becomes Official Safety Supplier to IRL
In the first-ever agreement of its kind, Delphi has been designated the “Official Safety Supplier” to the Indy Racing League (IRL). Beginning this year, the league’s safety and rescue team will become the Delphi Indy Racing League Safety Team. The Delphi Indy Racing League Safety Team includes 15 trained professionals who will attend all IndyCar Series and Menards Infiniti Pro Series events to handle on-site emergencies. In addition, Delphi will provide new safety technologies for safety vehicles used by the team and will provide hydraulic sled testing and analysis services at the Delphi Safety Systems Test Center, a state-of-the-art safety testing facility in Vandalia, Ohio.
Visteon’s Biggest Loss Pushes Stock Down
Wall Street pounded Visteon Corp. stock Friday after the former parts division of Ford Motor Co. reported by far the biggest quarterly loss in its short history as an independent company and underwhelmed investors with its expectations for the first quarter of 2004. Visteon reported a loss of $863 million, or $6.87 per share, for the final three months of 2003, bringing the full-year loss to $1.2 billion, or $9.65 per share. Over the last three years, Visteon has lost about $1.7 billion.
UAP Announces Senior Executive Appointments
Larry Samuelson, CEO of UAP Inc., has announced four senior executive appointments. Robert Hattem has accepted the position of president and COO of UAP Inc. Terrence LeBlanc has been named executive vice president of the auto parts division. Pierre Vocelle has accepted the position of regional vice president of auto parts for Quebec and Scott LeProhon has been appointed senior vice president of special marketing projects.
Timken Announces Results for 2003
The Timken Co. has reported record sales of $3.8 billion for 2003, a 49 percent increase from the prior year. Excluding the impact of the February 2003 acquisition of The Torrington Co., sales grew approximately 8 percent, including 3 percent related to foreign currency translation, the company said.