MEMA Members Tell Legislators: “Now is the Time”
The theme “Now is the Time,” has never seemed more appropriate as members of the Motor & Equipment Manufacturers Association (MEMA) gathered on Capitol Hill this week to talk to legislators about the critical issues currently challenging the motor vehicle supplier industry. Rather than simply bringing a laundry list of complaints to legislators this week, motor vehicle suppliers that attended MEMA’s annual Legislative Summit focused on ways that the industry can be part of the solution rather than part of the problem.
Automaker, Supplier Shares Fall Following Interest Rate Cut
Shares of automakers and their suppliers largely fell Tuesday, after the Federal Reserve cut a key interest rate by one-quarter of a percentage point. The reduction in the federal funds rate to 4.25 percent marked the third consecutive rate cut and is expected to be matched by a cut in the prime rate that commercial banks use as the base for consumer and business lending, which could translate into lower rates for auto loans. Fed officials signaled that further cuts were possible if a severe downturn in housing and a crisis in mortgage lending get worse.
Latest in Fuel Efficiency, Safety Technology on Display Next Week at MEMA’s DC Ride and Drive Event
Motor vehicle parts suppliers will demonstrate the latest technologies to improve vehicle safety and fuel efficiency at the Motor & Equipment Manufacturers Association’s (MEMA) second annual Ride and Drive, slated for Thursday and Friday, Oct. 4-5, at RFK Stadium, Parking Lots 6 and 7, in Washington, D.C. Members of Congress, federal agency officials, congressional staff and the media will have the opportunity to test drive vehicles and see displays relating to vehicle safety and fuel efficiency, according to Bob McKenna, MEMA president and CEO.
Motor Vehicle Parts Suppliers to Showcase Fuel Efficiency, Safety Technologies at Annual Ride and Drive in D.C.
The Motor & Equipment Manufacturers Association (MEMA) recently announced that it will hold a two-day demonstration of automotive technology that enables vehicles to be safer, cleaner and more fuel efficient. The second annual Ride and Drive is set for Thursday and Friday, Oct. 4-5, at RFK Stadium, Parking Lots 6 and 7, in Washington, D.C. Companies slated to participate include Bendix Commercial Vehicle Systems LLC, BorgWarner Inc., Delphi Corp., Gates Corp., Gentex Corp., GE Plastics, Magna International of America Inc., Meritor WABCO Vehicle Control Systems, Robert Bosch LLC, Valeo Inc. and Webasto Product North America Inc.
Cooper Tire & Rubber Reports Record Second Quarter Profits; Announces New Director
Cooper Tire & Rubber Co. has reported net income of $17.6 million or 28 cents per share for the quarter ended June 30. The improved earnings were achieved as total sales increased by 20 percent to a new second quarter record of $751 million. This compares to a net loss of $21 million generated on sales of $625 million in the second quarter of 2006. The company has also announced the appointment of Robert Welding as a director of the company, effective immediately.
Automotive Communicators Honored for Outstanding PR Achievements
RESEARCH TRIANGLE PARK, NC – The winners of the sixth annual Excellence in Automotive Public Relations Award were honored this week at the Spring Conference of the Automotive Public Relations Council (APRC) held in Dearborn, MI. The awards are the only of their kind that are dedicated to recognizing excellence in automotive public relations. The
Twelve Suppliers Win Prestigious 2007 Automotive News PACE Award
Twelve automotive suppliers won 2007 Automotive News PACE Awards for innovation during a black tie ceremony held earlier this week at the Max M. Fisher Music Center in Detroit, MI. Automotive manufacturers were also honored during the program with three Automotive News PACE Innovative OEM Collaborator Awards. The 13th annual awards program for innovation in the automotive supply chain was open to suppliers that contribute products, processes, capital equipment or services directly to the manufacture of cars or trucks worldwide.
Auto Suppliers with Links to Ford See Shares Fall on Monday
From AFX News Limited NEW YORK — Shares of auto suppliers with ties to Ford Motor Co. continued to fall Monday on the automaker’s announcement of plans to significantly cut production for the remainder of the year. On Friday, the nation’s No. 2 automaker said fourth-quarter production would be down 21 percent, or 168,000 units,
SKF Introduces New Fan Drive Assembly for Heavy Duty Market
SKF recently introduced the Kysor HRU On/Off Fan Drive Assembly to its line of BorgWarner Cooling Components. Engineered to meet or exceed OE specifications, the Kysor HRU is a drop-in replacement for existing OE fan drive assemblies and is available for 22 competitor applications.
Eleven Suppliers Win Prestigious 2005 Automotive News PACE Awards
Eleven automotive suppliers have won 2005 Automotive News PACE Awards for innovation. Two automotive manufacturers were also honored with the first-ever Automotive News PACE Innovative OEM Collaborator Awards during the program.