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.
Akebono Introduces Expanded 2004 ProACT Catalog
Akebono Corp. has announced the availability of its expanded 2004 ProACT Application Catalog, which features ProACT Ultra-Premium Ceramic Disc Brake Pads and Precision Remanufactured Loaded Calipers. The company noted that more than 100 ProACT pad part numbers have been released since July 2003, adding coverage to hundreds of vehicles including several early release 2005 models.
Wescast To Exit Chassis Business
Wescast Industries Inc., one of the world’s largest suppliers of exhaust manifolds for passenger cars and light trucks, has announced it is exiting the chassis business, which it currently operates out of a facility in Cordele, Ga. Wescast recently undertook a new global strategy focusing on its core competencies in making powertrain components. The company sees potential to expand this segment of the business by following its customers into the European and Asian marketplaces, according to Ed Frackowiak, Chairman and CEO.
Tower Automotive CEO Elected to Ashland Inc. Board
Kathleen Ligocki, president and CEO of Tower Automotive, has been elected to the board of directors of Ashland Inc.
OEM Purchasing VPs to Discuss Industry Collaboration at Auto-Tech 2004
Top purchasing executives from DaimlerChrysler Corp., Ford Motor Co., and General Motors Corp. will headline a panel discussion on global purchasing practices at the 17th annual Auto-Tech conference at the Cobo Conference Center on Wednesday, Sept. 1. Auto-Tech is an automotive industry trade conference organized by the Automotive Industry Action Group (AIAG).
TI Automotive Opens Plant in Turkey
TI Automotive, a supplier of fluid storage and delivery systems for cars and trucks, has opened a manufacturing plant in Turkey.
Lear Announces Organizational Changes
The board of directors of Lear Corp. have announced a number of organizational changes.
Toyota Earnings of $10 Billion Solidify Hold on 2nd Place
Toyota Motor on Tuesday became the first Japanese company to report a net profit of more than a trillion yen, or about $10 billion, firmly establishing its position as the world’s No. 2 automaker ahead of Ford Motor.
Two Collins & Aikman Board Members Resign
Two board members investigated internally for insider deals have resigned from auto supplier Collins & Aikman Corp. (C&A), which has lost money three years in a row, and on Thursday reported another first-quarter loss. The quarter’s red ink was slightly less than it was the same period a year ago.
Visteon has 1st profit since ’02
Auto-parts maker Visteon Corp. said Thursday that it turned a quarterly profit for the first time since mid-2002 and surpassed earnings expectations, largely due to new business from the automakers and lower health-care costs for employees. The Dearborn, Mich.-based supplier reported first-quarter net income of $30 million, or 23 cents a share, compared with a loss of $15 million, or 12 cents a share, in the same quarter a year ago.