ArvinMeritor Announces 2004 Suppliers of the Year
ArvinMeritor has announced the winners of the company’s annual supplier awards. The awards — which were presented Jan. 29, at ArvinMeritor’s North American Supplier Conference in Troy, Mich. — recognize outstanding performance in customer service, product quality, delivery and cost reduction.
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.
Polk Canada, Inc. Changes Name to R. L. Polk Canada, Inc.
R. L. Polk & Co., the world’s largest automotive market intelligence, database marketing and retail consulting company, announced that its Canadian subsidiary has changed its name to R. L. Polk Canada, Inc. as part of the company’s overall global branding strategy.
UAW Organizes at Dana to Shore Up Membership
The UAW has organized about 2,000 workers at five Dana Corp. plants from Michigan to Tennessee as the union seeks to rebuild its active ranks and regain power in the auto industry. Along the way, the union faces opposition not only from workers who don’t want a union but also from those who want a tougher union that would fight and win better wages, benefits and working conditions. To them, the UAW has become too conciliatory as it strives to gain members.
BorgWarner Announces 40 Percent Increase to Quarterly Dividend
The board of directors of BorgWarner has declared a quarterly dividend of $0.25 per share on all of the company’s issued and outstanding common stock. The dividend has been increased by 40 percent over the previous dividend amount.
Who’s Buying Whom?
Who owns the suppliers of today? New owners include leveraged buyout firms, putting a new spin on the old consolidation trend. In the wake of Dana’s announcement to sell off its aftermarket businesses comes the speculation of who will buy it. Water cooler conversations in the office haven’t exactly been at a fevered pitch. That’s a dramatic change from just a few short years ago when SPX was trying to make a hostile purchase of Echlin (which ultimately ended up in the hands of Dana), or when Federal-Mogul was buying up companies as part of former CEO Dick Snell’s major consolidation plan. Those were the good old days of major aftermarket acquisitions. Now, we’re left to ponder the fate of the Dana Automotive Aftermarket Group. The big question is: Who among the current base of manufacturers is a candidate to make such a large acquisition?
Michelin North America and ACCC Sign Three-Year Contract Extension
Michelin North America has extended its partnership with American Car Care Centers (ACCC), signing a three-year contract extension to supply the independent dealer network with Michelin, BFGoodrich, Uniroyal and private and associate brand tires. This new agreement extends a strategic partnership between the two companies which began in 1993. ACCC is one of the largest networks of independent tire and automotive service dealers, with more than 1100 locations nationwide.
Johnson Controls Delays Move
Plymouth Township, Mich., will retain its largest taxpayer for the time being. Johnson Controls officials recently announced they will not to move to Salem Township this year, but still expect to relocate their headquarters and technology facilities from Plymouth Township to a larger site when a suitable location is found.
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.
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.