ArvinMeritor Launches Search for CEO Successor
ArvinMeritor’s board of directors has retained an international executive search firm to identify a successor to Larry Yost, chairman and CEO. Yost said he will remain in his current capacity until a successor is found.
Siemens VDO Automotive to Acquire Chrysler Group’s Huntsville Electronics Operations
Siemens VDO Automotive Electronics Corp. has signed an agreement to acquire Chrysler Group’s electronics operation located in Huntsville, Ala. The facility produces automotive electronics products for Chrysler, Jeep and Dodge products and generates approximately $1 billion in sales. Details of the transaction have not been disclosed. Situated on a 180-acre site, Huntsville Electronics is composed of two plants operating two shifts daily. The first plant opened in 1977 and is 232,000 square feet. The second plant opened in 1988 and encompasses 849,000 square feet. Currently, operations in Huntsville employ more than 2,000 people who are represented by the UAW.
Delphi Achieves Record $3.2 Billion in Commercial Vehicle Business Bookings in ’03
Delphi achieved a record $3.2 billion in new commercial vehicle business bookings during 2003, according to company officials. Much of the new business is with Delphi’s engine management systems, along with audio, safety, climate control and electrical/electronic distribution systems, according to Maggart. While every major region saw a business increase during the year, a majority of the growth came from Asia-Pacific and Europe.
ProQuest Automotive and Hino Motors Sign First Electronic Parts Catalog Agreement
ProQuest Automotive announced that it has signed a five-year agreement with Hino Motors Ltd., Tokyo, Japan, to develop an electronic parts catalog (EPC) application for use in all of the North American dealerships of Hino Motors Sales U.S.A., Inc.
Herman Trend Alert: Electronic Connectivity
Rapid developments are underway in the field of electronic connectivity. Sending and receiving e-mail is possible virtually anywhere that you can connect your computer to a telephone line. Internet cafes are plentiful and convenient, especially in countries outside the U.S. International travelers can now stay in touch as they move, increasing their efficiency and peace of mind. The exploding connectivity trend makes it possible to keep in touch with headquarters, clients, suppliers and loved ones.
Hella Expands Production and Aftermarket Facilities
Hella continues to expand its manufacturing facilities and aftermarket sales operations in North America.
DENSO Announces Two Executive Promotions
DENSO International America has announced two executive promotions within its marketing and engineering division.
Automotive Accessories are Clever, Practical
Torque? Struts? Rack-and-pinion steering? Maybe they are important. But what we really want to know is if the console is big enough to store a purse. Or if there’s a way to secure the grocery bags. Or if there’s a place to stow the kids’ DVDs.
BorgWarner Names Vice President, Engine Research and Development
BorgWarner has appointed Olaf Weber to the newly created position of vice president, engine research and development. In this new role, Weber will be responsible for identifying technological and market trends in engines, and developing new systems that will enable BorgWarner to leverage the company’s capabilities and expand into new areas of the engine business.
Bandag Reports Fourth Quarter Results
Bandag Inc. has reported consolidated net income of $29.1 million, or $1.50 per diluted share, for fourth quarter 2003, compared to consolidated net income of $17.5 million, or $0.91 per diluted share in the fourth quarter 2002. Net income for both the fourth quarter 2002 and 2003 included favorable tax adjustments of approximately $3 million, or $0.15 per diluted share, resulting primarily from the resolution of certain tax matters.