Genuine Parts Co. Reports First Quarter Results; Automotive Group Shows Steady Increase
Genuine Parts Co., on a conference call last Friday, said first-quarter earnings rose six percent as sales grew across its major business operations. Overall, the Atlanta-based company reported a profit of $106.6 million, or 61 cents per share, up from $100.2 million, or 57 cents last year. Sales grew 7 percent to $2.34 billion from about $2.2 billion. Automotive parts group net sales showed a 4 percent improvement to $1.17 billion from $1.13 billion last year.
Falken Tire Unveils Contingency Program for 2005 Formula Drift Series
Falken Tire Corp. has unveiled its 2005 contingency program for the Formula Drift series. Falken Tire is a member of the Sumitomo Rubber Industries Group. In addition to assembling what the tire company says is the largest “Works” team competing in the U.S. series, Falken will also offer payouts to any drivers/teams (“Works” or privateer) competing on Falken Tires that meet the rules and regulations of the program.
Torvec Adds Two to Board of Directors
Automotive technology firm Torvec has elected Mary Ho and Philip Fain to its board of directors. Mary Ho is president of the China Millennium Council, a globally-recognized enterprise dedicated to fostering and developing innovative cultural, educational and community partnerships with China. A renowned expert in international negotiation, Ho has extensive experience in international public relations, corporate strategy development and transition management.
Publisher Buys J.D. Power
James Dave Power III, who has spent more than half his life building an idea into a trusted company that provides information to consumers and companies — especially about automobiles — agreed Monday to sell his research firm to the behemoth McGraw-Hill Cos. Inc.
$2.5 Billion GM Investment Hailed as Putting Canada on Auto Industry Map
A $2.5-billion investment from General Motors to strengthen its Ontario operations was hailed by politicians and labor leaders alike Wednesday as a move that makes Canada a bigger player on the global automotive map.
Venture’s Bankruptcy Plan Out; Auction Likely
The murky future of troubled auto supplier Venture Industries got murkier as a bankruptcy judge denied the company’s plan to exit bankruptcy after nearly two years. Most likely the Fraser, Mich.-based company — which makes plastic parts such as bumpers and instrument panels for the auto industry — is headed for the auction block with it being sold off all at once, or piece by piece. Venture is one of the world’s largest auto-plastics suppliers and at its peak employed about 13,000 worldwide, including about 2,000 in metro Detroit.
ASC Named Alliance Private Label Vendor of the Year
ASC Industries has been recognized by the Aftermarket Auto Parts Alliance as Outstanding Private Label Supplier of the Year for 2004. ASC was also honored with a 2004 Supplier Award for Outstanding Shipping Performance. ASC Industries supplies the Alliance with new aftermarket water pumps for passenger, light- and medium-duty truck, heavy-duty vehicle, high performance and marine applications, through the Alliance’s private label – PartsMaster, Quality Replacement Parts.
The Year in Review – A Look at the Top 10 News Stories of 2004
Whether you believe 2004 was a good or bad year for the aftermarket, no one can argue this was a big news year for our industry. The year included noteworthy shifts in leadership, mergers, acquisitions and more, most of which will significantly impact the industry for many years to come. Here’s a month-by-month look at what aftermarketNews.com considers to be biggest news events that happened in our industry in 2004.
Diggory Elected Chairman of Heavy Duty Manufacturers Association
William “Bill” Diggory, vice president and general manager of Chicago Rawhide, Elgin, Ill., has been elected 2005 chairman of the Heavy Duty Manufacturers Association (HDMA). Diggory served as HDMA vice chairman in 2004.
Executive Interview with Greg Gyllstrom, Vice President and General Manager for Visteon’s North American and Asian Aftermarket Operations
Our latest edition of “Executive Interview” features Greg Gyllstrom, Vice President and General Manager for Visteon’s North American and Asian aftermarket operations. In this role, Gyllstrom is responsible for expanding the organization’s North American and Asian aftermarket business by coordinating and directing the company’s sales, product development and marketing activities. Gyllstrom recently talked with aftermarketNews.com about his first two years at Visteon, the company’s motor sports initiatives and its presence in Asia.