Bosch Invests $8 Million to Upgrade Michigan Vehicle Test Track Facility
Bosch collaborates with local companies, invests in local community with test track improvements.
Daimler Reaches Agreement on Separation from Chrysler
In addition, Daimler has agreed to pay $200 million into Chrysler’s pension plans on the date of the execution of definitive agreements and in each of the next two years.
Visteon Bolsters Funding for Pension Plan
The move will bolster a pension plan that covers more than 5,300 former Visteon employees who worked at, or retired from, two plants in Indiana that were closed down in the past year.
Twenty Tool and Equipment Manufacturers Receive TechShop Top 5 Tools Award in October
TechShop — Equipment, Tools & Supplies magazine has announced the winners of its 2008 Top 5 Tools Award.
Delphi Revising its Reorganization Plan
Delphi, the Troy, Mich.-based auto parts supplier that has been operating under Chapter 11 since 2005, is revising its reorganization plan. According to a report from the Detroit Free Press, Delphi is working with GM and other stakeholders to revise its reorganization plan, which won a bankruptcy judge’s approval in January. Delphi’s attempt to emerge from bankruptcy has been slowed by setbacks, including union buyouts and the unexpected pull-out of $2.55 billion in financing from Appaloosa Management in April.
Delphi Reports First Quarter 2008 Financial Results
TROY, MI — Delphi has reported first quarter 2008 financial results with revenues of $5.3 billion, and a net loss of $589 million. Delphi reported global revenue of $5.3 billion, down from $5.7 billion in the first quarter of 2007. Non-GM revenue for the quarter was $3.6 billion, up from $3.5 billion in Q1 2007,
Delphi Nears Deadline to Get Exit Loans
Auto parts maker Delphi Corp. faces a Friday deadline to get the loans it needs to exit bankruptcy, and at the same time, former parent General Motors Corp. is said to be in talks to take an even greater share of its pension obligations. Delphi needs to secure $6.1 billion in exit financing to meet the requirements of a plan by investors to invest as much as $2.55 billion in the reorganized company. A Delphi lawyer said earlier this week that the company expects to get the loans it needs in time.
TechShop’s 2007 Top 5 Tools Award Presented to 24 Companies
TechShop – Equipment, Tools & Supplies magazine recently awarded 24 companies with the magazine’s third-annual Top 5 Tools Award. In each issue of TechShop, technicians and repair shop owners have the opportunity to identify their Top 5 Favorite Tools and submit the information. The technicians frequently choose the most-used and most useful products in their toolboxes. Award winners are determined based on the number of times a company or product was mentioned by shop owners and technicians in the past six issues of TechShop in the Top 5 Tools section.
Will Woods Named SEMA VP of Councils
The Specialty Equipment Market Association (SEMA) has hired Will Woods, CAE, to the newly created position of vice president of councils. Woods brings with him more than 25 years of professional experience, including 13 years as executive director of a 2,400-member trade association and seven years with a California-based automotive trade association.
MEMA Announces Merger of MISG and ANXeBusiness Inc.
The Motor & Equipment Manufacturers Association (MEMA) has announced the merger of Management Information Systems Group Inc. (MISG), its commercial business-to-business data interchange subsidiary, with ANXeBusiness Inc., the owner and operator of the largest multi-provider data interchange network in the world.