Schaeffler, Unions Sign Joint Statement Regarding Continental Deal
The Schaeffler Group and the German trade unions IG Metall and IG BCE signed on Aug. 22 a joint statement regarding guarantees for protecting the interests of employees. Both sides have now therefore complied what the Schaeffler Group refers to as “one of the most significant points of the investment agreement between Continental AG and Schaeffler KG.”
Continental Concludes Takeover Agreement with Schaeffler, Schaeffler Can Add Four to Board
After more than a month of talks and controversy, Continental AG announced on Aug. 21 it has entered into what it calls a "far reaching investment agreement" with Schaeffler KG and its primary owners, Maria-Elisabeth Schaeffler and Georg F.W. Schaeffler. The agreed upon deal sees Schaeffler increase its offer to 75 euros per Conti share, but holds Schaeffler to a minority position (of no more than 49.99 percent share ownership) until 2012. It also prevents Schaeffler from acting to disassemble any or all of Continental.
Executive Interview with Matt Guden, Business Development Manager, Everco
Matt Guden is the business development manager for Everco Heavy Duty. In this position, he is responsible for market analysis, creating and managing brands for all markets, communicating with existing customers and the sales force and helping customers manage their inventories, in addition to product promotions and other marketing functions. Join us as Guden re-introduces the Everco Heavy Duty brand and talks about the company’s brand strategy going forward.
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.
Archie Manning to Keynote ASRW Events Ã′®‚¬®€ NACE and CARS
The Automotive Service Association (ASA), sponsor of the recently created Automotive Service & Repair Week (ASRW), as well as the International Autobody Congress & Exposition (NACE) and the Congress of Automotive Repair & Service (CARS), has announced that Archie Manning, All-American Quarterback and NFL MVP, will be the 2008 keynote speaker at the Opening General Session taking place Thursday morning, Nov. 6. DuPont Performance Coatings is the sponsor of the Opening General Session that will be held during the NACE and CARS co-located events at the Mandalay Bay Convention Center in Las Vegas, November 5-8.
Former Toyota Exec Named New Dana CEO
Dana Holding Corp. has named Gary Convis, 65, to the post of chief executive officer (CEO). Convis was appointed to Dana’s new board of directors in January 2008 after retiring from Toyota Motor Corp., where he had spent more than 20 years, culminating in his role as chairman of Toyota Motor Manufacturing, Kentucky.
DENSO Manufacturing Tennessee Opens New Automotive Electronics Plant
Last week DENSO celebrated the grand opening of its fourth manufacturing plant at DENSO Manufacturing Tennessee (DMTN), Japan-based DENSO Corp.’s facility in Maryville, Tenn. DENSO Manufacturing Tennessee, founded in 1988, produces electronic products, instrument clusters, starters and alternators. Production has already begun at the new facility.
Deal Revives Chrysler Output: Production Resumes on Interim Accord with Plastech
Production resumed at Chrysler LLC and interiors supplier Plastech Engineered Products Inc. on Tuesday after the two companies reached a deal that temporarily resolves a dispute that threatened to shut nearly all of Chrysler’s factories. Chrysler halted production at five assembly plants Monday after the Auburn Hills, MI-based automaker on Friday canceled its contracts with the supplier, which filed for Chapter 11 bankruptcy protection that day.
The Week in Review (Jan. 28-Feb.1, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of
Court Puts Final Stamp on TPMS Regs
A Federal appeals court dismissed a lawsuit against the National Highway Traffic Safety Administration (NHTSA) challenging its TPMS regulations, putting to an end a three-year quest by some tire companies and a consumer group to strengthen the rules. The plaintiffs – Goodyear, Bridgestone/Firestone, Cooper, Pirelli North America, the Tire Industry Association (TIA) and consumer group Public Citizen – challenged NHTSA standard requiring factory-installed TPMS to notify drivers if tire pressure drops 25 percent below carmaker-set tire inflation pressures. The group said that in order to be effective, the standards should be stricter.