MPA Announces Fourth Quarter, Fiscal Year 2007 Results
Motorcar Parts of America (MPA) has announced its financial results for the fourth quarter and fiscal year ended March 31. Net sales for the quarter ending March 31 were $31.4 million, up 11.6 percent from $28.1 million in the same quarter last year. The company said this increase was primarily due to additional sales to new and existing customers. Gross profit and gross margin were $3.3 million and 10.6 percent, respectively, as compared to $7.5 million and 26.8 percent, respectively, in the fourth quarter of fiscal 2006.
Tower Automotive Buyer Would Still Pay Pensioners; But Cerberus Would End Retirees’ Health Insurance
From Milwaukee Journal Sentinel Pension benefits would continue to be paid to thousands of retirees after Tower Automotive is sold, under a deal reached with the private-equity firm that is seeking to buy the bankrupt auto parts supplier. Unions representing the Milwaukee workers had negotiated a deal with Tower Automotive last year but had to
Siemens Outgoing CEO Plans to Join Blackstone
From AFX News Limited FRANKFURT — Siemens AG’s outgoing CEO Klaus Kleinfeld plans to join U.S. private-equity firm Blackstone, according to industry sources. A spokesman for Siemens declined comment. Copyright 2007 AFX News Limited. All Rights Reserved.
Chrysler to be Sold to Cerberus for $7.4 Billion
DaimlerChrysler AG said Monday it would sell 80.1 percent of its troubled Chrysler Group to a U.S. private-equity firm for $7.4 billion. The sale to Cerberus Capital Management LP — backed by the United Autoworkers Union and expected to be finalized in this third quarter — leaves DaimlerChrysler with a 19.9 percent stake in the iconic Auburn Hills, MI, automaker, to be known as Chrysler Holding LLC.
ASC Inc. Files for Bankruptcy Protection, Buyer Interested in Two ASC Business Units
According to a recent news reports, ASC Inc., the Southgate, MI, specialty automotive manufacturer formerly known as American Sunroof Co., last week filed for reorganization under Chapter 11 of the U.S. bankruptcy code. The company reports owing millions of dollars to hundreds of creditors.However, the news isn’t entirely dire. On Friday, it was announced that Hancock Park Associates, a private-equity firm based in Los Angeles, has signed a definitive purchase agreement to purchase the automotive "open air" roof-systems unit and the automotive design-services unit of ASC from its owner, American Specialty Cars Holdings LLC.
Siemens to Buy Software Maker UGS
German conglomerate Siemens AG agreed last week to buy business software maker UGS Corp. from three private-equity firms for about $2.1 billion and the assumption of $1.4 billion in UGS debt. The sellers — private-equity firms Bain Capital, Silver Lake Partners and Warburg Pincus — bought UGS for $2.05 billion in 2004. The deal will require approval of regulators in the United States and Europe, and the companies did not set a timetable for completing the sale, said John Clendening, a UGS spokesman.
Monro Muffler Brake Third Quarter Sales Increase 15.1 Percent
Monro Muffler Brake has announced record financial results for the third quarter and nine months ended Dec. 23, 2006. Third quarter sales increased 15.1 percent to a record $103.8 million from $90.2 million last year. Comparable store sales for the quarter increased 2.9 percent on top of last year’s third quarter gain of 4.7 percent. The company’s comparable store sales increase was led by major maintenance categories, such as shocks, brakes and alignment, as well as the service and tire categories.
A.R.E. Names New President and CEO, Ralph Gatti Becomes Chairman
MASSILLON, OH — A.R.E. Accessories LLC announced today that Terence Seikel, an A.R.E. board member and investor since August 2005, has been named president and chief executive officer (CEO) of the Ohio-based fiberglass truck cap and tonneau manufacturing company. Ralph Gatti, A.R.E.’s former president and CEO, has assumed the role of chairman of the board
J.L. French to Emerge from Chapter 11 this Month
After only 18 weeks under Chapter 11 protection, J.L. French Automotive Castings, Inc., a privately-held supplier of high pressure die-cast aluminum automotive components and assemblies, has been given court approval of its Plan of Reorganization that details how the company will satisfy creditor claims. The company expects to emerge from Chapter 11 protection at the end of June.
J.L. French Files Plan of Reorganization, Disclosure Statement
J.L. French Automotive Castings, Inc., a privately-held supplier of high pressure die-cast aluminum automotive components and assemblies, has filed its Plan of Reorganization and Disclosure Statement outlining how the company will satisfy claims in its Chapter 11 case and emerge successfully as a reorganized company. Founded in 1968, J.L. French Automotive Castings manufactures aluminum die cast automotive parts including oil pans, engine front covers, engine blocks and transmission cases. The company employs more than 1m800 people in its ongoing operations worldwide.