Goodyear Takes Disciplinary Actions Related to European Union Accounting Review
Goodyear Tire & Rubber has taken disciplinary actions against several senior managers in its European Union operation in response to its ongoing investigation of improper accounting in European and other overseas operations. Although the investigation is not yet complete, the company said it decided to begin the process of improving the European organization and to continue strengthening its accounting controls.
Foreign Countries Try to Lure Auto Jobs
Luis Salazar’s booth is one of the largest at the Society of Automotive Engineers World Congress, with four columns, flags and several comfortable leather chairs. But with space that rivals General Motors Corp.’s and Ford Motor Co.’s exhibits, Salazar isn’t pushing cool 21st-century technology, sensors or car parts — he’s pushing Mexico. If you have jobs, the Mexican deputy trade commissioner has plenty of land, workers and a proven track record with the auto industry to offer.
DST Asks: Can Your Business Measure Return on Customer Investment?
Although most businesses have the means for measuring their Return On Investment, DST has coined the term Return on Customer Investment as a more accurate method of determining profitability of the customer base. Many firms believe that their largest customers, or the ones they have been supplying for the longest time, are the most profitable ones, but access to pertinent data can contradict those assumptions.
Bendix Brakes Expands Partnership with Pedregon Racing
Honeywell’s Bendix brakes has renewed its associate sponsorship with former Funny Car champion Cruz Pedregon for the 2004 NHRA POWERade drag racing series season. The brand has also expanded its involvement with the team by becoming an associate sponsor on 2003 Funny Car Champion Tony Pedregon’s Quaker State Funny Car.
AutoZone EPS up 32 Percent
AutoZone has reported sales of $1.159 billion for its second fiscal quarter, which ended February 14, an increase of 3.4 percent from fiscal 2003. Same store sales, or sales for domestic stores open at least one year, were flat overall, the company said. Retail same store sales were down 1 percent while AZ Commercial same store sales were up 10 percent.
Prestolite Electric Holding Up for Sale
Genstar Capital has entered into a definitive agreement for the sale of Prestolite Electric Holding to an affiliate of First Atlantic Capital. Prestolite Electric is a global manufacturer of alternators and starter motors selling into high-margin, niche markets for heavy-duty, military and industrial applications.
Union Plant to Make More Assurance Tires
Goodyear Tire & Rubber Co. will expand production of its brand-new Assurance tire line at a union plant in Gadsden, Ala., ending a labor dispute that threatened to overshadow the product launch. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla. The United Steelworkers of America accused Goodyear last month of violating a labor contract by building the new passenger tires at a nonunion plant in Lawton, Okla.
New Video to Highlight Importance of Automotive Suppliers
MEMA and its market segment associations, in conjunction with Blue Sky Productions, are producing a special 5-minute video that highlights the importance of automotive suppliers – in terms of how they contribute to America’s manufacturing base and economy and how they fit into the entire automotive industry. John McElroy will narrate the video which will be shown at industry events, to legislators and regulators on Capitol Hill and on the MEMA Web site.
Earl Scheib Adds Two Board Directors
The board of directors for Earl Scheib Inc. has appointed James Burra and Salvatore Zizza as members. The board also accepted the resignation of Gregory Helm from the board. Helm resigned to pursue other interests. Earl Scheib is a nationwide operator of 115 auto paint and body shops throughout the U.S.
Aftermarket eForum — Solutions Today for Tomorrow’s Technology Challenges
This year’s Aftermarket eForum — Solutions Today for Tomorrow’s Technology Challenges — will take place Monday, Aug. 2 through Wednesday, Aug. 4 at the Hyatt Regency O’Hare in Chicago. Building on the success of the past three years, the 2004 eForum will feature an expanded format that includes breakout sessions and a full vendor trade show. New technology and e-commerce are rapidly reshaping the vehicle aftermarket.