Insurance Firms Drop Support of Asbestos Fund
While the number of claimants seeking restitution for asbestos-related claims continues to grow, more than a dozen insurance companies have withdrawn their support for the proposed $140 billion federal trust fund that would serve to pay these claims, according to a recent report from the Wall Street Journal (WSJ). This will likely have an impact on Congress’ passage of legislation on asbestos litigation, as Senate Judiciary Committee Chairman, Sen. Arlen Specter, was expected to introduce a trust fund bill this week, the report said.
Union Negotiations Continue at Bridgestone/Firestone Plants
Negotiations between Bridgestone/Firestone North American Tire (BFNAT) and the United Steelworkers of America (USWA) continue, even as the union makes plan to strike eight BFNAT plants where it represents hourly workers. A series of strike preparation meetings have been or will be held at USWA locals representing the plants. The first meetings were held Mar. 8 and the last are scheduled for Mar. 22. The terms of its agreement to continue working under its previous master contract with BFNAT require the USWA to provide five days’ notice before going on strike, so it is unlikely any job action will occur near-term.
Race Fans To See Racing in a New Light with ESPN2 IndyCar Series In-Car Simulcast
ESPN2 viewers will get unique perspective on IndyCar Series racing with a live telecast utilizing only in-car cameras during the season-opener of the IndyCar Series. The coverage will be a simulcast of ESPN’s coverage of the March 6 Toyota Indy 300 race from Homestead-Miami Speedway.
Investcorp to Acquire American Tire Distributors
Investcorp, a global investment group, reached a definitive agreement today to acquire American Tire Distributors Inc. (ATD) from its majority shareholder, Charlesbank Capital Partners. Terms of the deal, which is expected to close in late March, were not announced. ATD is the largest independent tire distributor in the U.S., with 70 distribution centers in 35 states, servicing some 40,000 tire dealer locations across the country. Founded in 1935 as Heafner Tire Co., the company changed its name to ATD in 2002.
Register Now for GAAS and Save $200
By signing up now, attendees can save $200 on the registration for the 10th annual Global Automotive Aftermarket Symposium (GAAS) program. The event will take place Wednesday, May 11, and Thursday, May 12, at the Hyatt Regency in Chicago and features a stellar lineup of speakers and industry leaders as they discuss “Lessons from the Past, Perspectives on the Future.”
Reports Suggest Major Overhaul in Racing Tire Battles
Could there be a major tire shakeup brewing in the world’s two most popular auto racing series? The Jan. 28 Winston-Salem Journal reported that NASCAR may be considering a “major change in its tire supplier contract.” Goodyear has long been the primary sponsor for all NASCAR Nextel Cup events. The newspaper suggested that Michelin “is rumored to be in line for the exclusive deal in the next year or two.”
Alcoa Combines its Two Wheel Operations
Alcoa has combined its two wheel operations into one business unit – Alcoa Wheel Products (AWP) – and has named Kevin Kramer to head the new group. Combining Alcoa’s Cast Auto Wheels and Alcoa Wheel and Forged Products units, AWP will produce and market both cast and forged passenger, light truck, commercial vehicle, motorcycle and specialty wheels for both the OE and replacement markets.
Executive Interview: Jacques Landreville and Jim Buzzard Talk About the Recent Merger of Uni-Select and MAWDI
Our latest Executive Interview features Jacques Landrevillenand Jim Buzzard. On November 1, Landreville and the Buzzard family completed the merger of Uni-Select and MAWDI. The merger significantly expands Uni-Select’s reach into the U.S., where it will generate revenues of approximately $470 million. As part of the agreement, all current MAWDI and Uni-Select locations will remain under their original names, but at the corporate level MAWDI will operate as a subsidiary of Uni-Select USA. All of the various companies within Uni-Select USA, including MAWDI, will be referred to as Automotive Group USA. Landreville and Buzzard recently spoke with aftermarketNews.com and shared some of the finer details about the future for Uni-Select USA.
NAPA Chassis Announces Winner of the Extreme Drive Sweepstakes
Larry DeMar specifically wore his lucky red shirt in hopes that it would bring him one last bit of luck. And, it did. DeMar, owner of Superior Auto & Fleet Repair in Phoenix, Ariz., outlasted six other regional winners to drive away with the NAPA CHASSIS Extreme “Drive” Sweepstakes’ grand prize – a new Ford F150 truck, Jeep Wrangler, a Bass Boat and a $1,000 Cabela’s gift certificate. The drawing was held Nov. 20 at the Grand Hyatt Washington Hotel in Washington, D.C.
Three Take Top Honors in 2004 AAPEX New Packaging Awards
With most everyone in the industry getting back to work after the successful and productive Automotive Aftermarket Industry Week, there is still some important news from the show shuffling in. Three aftermarket manufacturers took top honors in the 2004 Automotive Aftermarket Products Expo (AAPEX) New Packaging Awards, held Nov. 2 during the annual trade event sponsored by the Automotive Aftermarket Industry Association (AAIA) and the Motor & Equipment Manufacturers Association (MEMA).