Goodyear Receives Military Aircraft Tire Development Grant
The Goodyear Tire & Rubber Company will receive $2.25 million under the defense appropriations bill, passed last week by the U.S. Congress. The grant will fund research and development on the next generation of aircraft tires to be used on the nation’s new Navy and Air Force joint strike fighter jets.
Midas’ European Operations Gets New Owners
Midas has confirmed the pending sale of its licensed operations in Europe and Latin America. Currently owned by Magneti Marelli, a member of the Fiat Group, Marelli will sell the operations to France’s Norauto Group. Midas sold its interests in Europe and Brazil to Marelli in October 1998, when the companies entered into a long-term license agreement for which Midas received $100 million in cash and on-going royalties throughout the term of the license agreement.
American Axle & Manufacturing Dedicates its New World Headquarters
American Axle & Manufacturing (AAM) dedicated its new world headquarters in Detroit, Mich., this week. Constructed at a cost of more than $40 million, the new 250,000-square-foot building will serve as home to the company’s corporate offices and 628 AAM associates and executives from engineering, finance, human resources, legal, procurement, sales, marketing and manufacturing.
Johnson Controls to Acquire Grupo IMSA Automotive Battery Business
Johnson Controls announced that it is acquiring 100 percent ownership of Grupo IMSA, a joint venture automotive battery business that the company shared with a group of Mexican and South American partners. Grupo IMSA is the leading automotive battery producer in Mexico and South America. The company reported fiscal 2003 sales and operating income for the business of $429 million and $88 million, respectively. Johnson Controls has been a major customer of the joint venture since it was formed in 1998.
Soy-Based Products Show Potential Under The Hood
As soy biodiesel continues to gain acceptance at the pump, soy-based lubricants are also fueling the automotive industry. Engine oil and hydraulic power steering fluid are two soy-based products showing potential “under the hood.”
Marangoni Opens Its First U.S. Manufacturing Plant
Marangoni Tread North America Inc. hosted an open house and ribbon cutting ceremony on June 17 to celebrate the opening of the company’s first U.S. plant, located in Madison, Tenn. Sixteen North American Ringtread dealers, officials from the State of Tennessee and Nashville and executives from the parent company, Marangoni S.p.A., located in Verona, Italy, attended the event. Executives in attendance included Gianni Marangoni, president, Massimo De Alessandri, CEO, and Giuseppe Ferrari, divisional general manager.
White-Collar Jobs Also Exiting U.S.
Rows of engraved faces stare from plaques on the Inventors Wall. These are the faces of engineers who have made design breakthroughs used on some of the world’s most popular cars and trucks. All of the engineers work for Delphi, a Michigan company, at its Mexico Technical Center.
Ninth Annual GAAS Kicked Off in Chicago
While the theme of this year’s Global Automotive Aftermarket Symposium (GAAS) — Leaner, Faster, Better — may connote the automated efficiency of a well-run machine, the true focus of the day’s numerous presentations was on the talented pool of people who make up that machine and how to make better use of them. “The core of any great business is the people,” said GAAS founder and chairman Mort Schwartz, who welcomed approximately 400 aftermarket executives to the event.
Drivers Hope Rule Changes Make Indy 500 More Competitive
Don’t be alarmed to see cars going slower around Indianapolis Motor Speedway this month. It’s intentional, and depending on which driver is talking, not necessarily a bad thing.
American Axle & Manufacturing Initiates Quarterly Dividend Program
The board of directors for American Axle & Manufacturing Holdings (AAM) has declared its first ever dividend as a public company. A quarterly cash dividend of $0.15 per share will be payable on June 28 to stockholders of record on all of the company’s issued and outstanding common stock as of June 7.