Venture Owner Winget Resigns from Board
Macomb County businessman Larry Winget, cofounder and majority owner of bankrupt auto supplier Venture Corp., has resigned from the board amid a lawsuit that alleges he and his family siphoned millions of dollars from the company. Winget’s son and son-in-law, executives with the struggling auto-plastics firm, have been placed on paid leaves of absence.
Challenge Ahead for Detroit’s Automakers
Detroit’s Big Three automakers — General Motors, Ford, and Chrysler — are going to have to make changes in their products if they want to stay competitive, says automotive trend watcher Micheline Maynard.
Federal-Mogul Says Bill Could Jeopardize Jobs
Federal-Mogul Corp., a Southfield-based auto-parts maker forced into bankruptcy by asbestos litigation, says it opposes legislation to create a $124-billion fund to compensate people for cancer and other diseases caused by the fibrous mineral. Federal-Mogul told lawmakers it was no longer represented by two industry groups lobbying Congress to pass the bill as a retired federal judge tried to mediate differences over the measure. The bill is stalled in the U.S. Senate. Republican and Democratic leaders agreed to the mediation after Democrats blocked Senate action on the bill last week.
Bank One Sues Venture, Affiliates
Bank One Corp. has filed a foreclosure lawsuit against bankrupt auto supplier Venture Corp. and related companies owned by its former owner, Larry Winget. The bank says it’s not trying to close down Venture or disrupt its operations, but it wants to ensure that the businesses owned by Winget are merged back into Venture. The suit was filed Tuesday.
Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
Cold Steel, Hard Times for Industrial Suppliers
On one hand, Ed Hoener is being forced to pay 30 percent more for cold-rolled steel since the start of the year. On the other are customers who won’t accept higher prices from Hoener, or fight him for months before finally paying.
Executive Interview with Joe Puishys, President of Honeywell Friction Materials
Our latest edition of “Executive Interview” features Joe Puishys, president of Honeywell Friction Materials. A 25-year veteran of the company’s automotive businesses, Joe Puishys has served as president of Honeywell Friction Materials since early 2002. His responsibilities include overseeing the most recent corporate effort to align closely with Honeywell’s business initiatives and operating plan. He has already played a major role in the cost cutting and six sigma programs occurring throughout the organization. Join us as Puishys gives us an update on Honeywell Friction Materials, including plans to expand manufacturing operations and launch new products.
Lextron Files for Chapter 11
Delphi customer Lextron Corp. has filed for bankruptcy protection a year after the company ended its contract with the Jackson, Miss.-based manufacturer. The contract cancellation forced Lextron to shut down its automotive production line, according to the TheDeal.com.
Experts Warn Industry’s Growth in South Carolina Will Be Flat at Best
South Carolina is chasing automotive manufacturing jobs even as the industry’s work force is slipping away from the U.S. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains.
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.