Save the Date: MEMA Legislative and Public Policy Summit – Advancing American Manufacturing, May 5-6
MEMA and its market segment associations – AASA, HDMA and OESA – will host the inaugural “MEMA Legislative and Public Policy Summit: Advancing American Manufacturing” on Thursday and Friday, May 5-6 in Washington, DC. The Summit has been created to raise awareness among Washington policymakers of the supplier industry’s many contributions to the nation’s economy. MEMA intends to bring members to Washington, DC, to collectively share their priorities and concerns with members of Congress and the Bush administration. While in Washington, they will discuss best practices in government affairs for our industry, and provide updates and dialogue on legislative, regulatory and political developments from senior administration officials, members of Congress and other experts.
Herman Trend Alert: Overtime to Increase
Under ideal conditions, employers have just the right number of employees to perform the work that needs to be done. Overtime payroll costs are minimal, incurred only in those rare instances when there is some unusual circumstance or a critical employee is ill or on vacation. Over the past few years, companies have reduced employment to minimum staffing levels. People have been asked to work extra hours from time to time on an “as-needed” basis. This strategy has been a preferred alternative to hiring more people and increasing fixed payroll costs.
R. L. Polk & Co. Establishes Commercial Vehicle Advisory Board
R. L. Polk & Co. has announced the formation of its first-ever commercial vehicle advisory board. This new board is charged with advising Polk on its strategic position in the commercial vehicle sector, product offerings, providing input on marketing communication strategies and supporting Polk’s commercial vehicle sales team in growing customer relationships.
Dana AAG Expands Relationship with NASCAR
Dana’s Automotive Aftermarket Group (AAG) has renewed its partnerships with NASCAR in anticipation of the 2004 NASCAR NEXTEL Cup Series. Dana aftermarket products such as WIX filters, Raybestos brakes and Clevite Engine Parts are part of the exclusive lineup of NASCAR Performance products.
Lear Probe Looks for Nepotism
Auto-interiors supplier Lear Corp. said Tuesday the Securities and Exchange Commission has opened an informal investigation into its employment of corporate officers’ relatives and insider business transactions. The Southfield, Mich., parts maker said the SEC might look at several years of SEC filings that outline familial connections within the company, which include more than a dozen workers and upper-level executives. The latest filing, the company’s 2003 proxy statement, reveals that CEO Robert Rossiter had at least seven relatives working for Lear or for a company associated with Lear in 2002.
Magna President and CEO Resigns, Expected to Run for Canada’s Conservative Party
Belinda Stronach, president and CEO of diversified automotive supplier Magna International, has resigned. According to recent news reports, Stronach is expected next week to announce her candidacy for the leadership of Canada’s Conservative Party. Her father, Magna Founder and Chairman Frank Stronach, has assumed the position of interim president.
Noble International Completes LWI Acquisition, Plans to Sell Monroe Engineering Subsidiary
Noble International has completed its acquisition of Clinton Township, Mich.-based Laser Welding International (LWI), a supplier of laser-welded blanks to General Motors. The acquisition which was first announced late last week, now includes the proposed sale of LWI’s subsidiary, Monroe Engineering Products. Noble paid $14.7 million for LWI, with an additional $1 million payable if certain new business is awarded to Noble within the next twelve months.
TIA Off-The-Road Tire Conference Set for Feb.
The Tire Industry Association’s (TIA) Off-The-Road (OTR) Tire Conference is set to take place next month in central Florida. This annual event attracts the largest gathering of executives and business owners that manufacture, service, repair, retread or supply products for the OTR market. Off-road racer Walker “The Legend” Evans will be the keynote speaker for the event. The OTR Tire Conference takes place Thursday through Saturday, February 26-28, at the Gaylord Palms Resort in Kissimmee, Fla.
Legendary Engine Builder Pat Musi Joins Edelbrock
Pat Musi, a championship auto racer and 30-year performance specialist, has been hired as a product development consultant for aftermarket performance product manufacturer Edelbrock Corp. In this new role, Musi will focus on nitrous systems, as well as racing cylinder heads and high-horsepower EFI products. Described as “one of the most intimidating and influential doorslammer racers in the country,” Musi opened Pat Musi Performance in Carteret, NJ, in 1969 at the age of 18. That same year he started his racing career, which includes several Pro Street world championships (including four straight from 2000-2003) and records.
Eaton Increases Dividend by 12.5 Percent and Announces 2-for-1 Stock Split
Eaton Corp.’s board of directors has approved a two-for-one stock split. As a result of the split, shareholders of record at the close of business on February 9, will receive one additional common share for every share held.Eaton’s board of directors has also declared a 12.5 percent increase in the quarterly dividend from $0.48 per common share to $0.54 per common share, on pre-split shares.