GM, Ford Part of SEC Review of Pension Accounting
The Securities and Exchange Commission, as part of a broad effort to pre-empt another flurry of Enron-style financial trickery, has asked three automotive companies and three other, unnamed companies how they make certain pension fund calculations. The Securities and Exchange Commission, as part of a broad effort to pre-empt another flurry of Enron-style financial trickery, has asked three automotive companies and three other, unnamed companies how they make certain pension fund calculations.
Three Join AASA Board
Three automotive aftermarket executives have joined the board of governors of the Automotive Aftermarket Suppliers Association (AASA). AASA is the aftermarket market segment association of the Motor & Equipment Manufacturers Association (MEMA). New board members serving three year terms are: Kevin Baird, CEO, Qualitor Inc., Southfield, Mich.; John Casanova, senior vice president, Remy International, Anderson, Ind.; and John Casanova, senior vice president, Remy International, Anderson, Ind.
Delphi Reduces Quarterly Loss; Parts Supplier Details Widening SEC Probe
Delphi Corp. narrowed its third-quarter loss to $114 million, and generated more cash than expected, but acknowledged a widening government probe into its accounting practices. The nation’s largest auto-parts maker warned Oct. 5 that it could lose as much as $120 million from July through September because steel and plastic prices rose dramatically, and its biggest customer, General Motors Corp., built fewer cars and trucks.
Stolen Bumpers Found at Venture
Law-enforcement officials last week broke up a long-running, stolen-auto-parts ring at a Michigan plant owned by bankrupt auto supplier Venture Corp.
Joe Felicelli To Be AASA’s New Chairman
Joe Felicelli, executive vice president, worldwide aftermarket operations, for Federal-Mogul Corp. in Southfield, Mich., will take the reins as the new chairman of the Automotive Aftermarket Suppliers Association (AASA) on Monday, Nov. 1, at the group’s board meeting in Las Vegas. Felicelli is the second aftermarket executive to serve as leader of the association, established in 2002. Current Chairman Charley Johnson, president and CEO of TransPro Inc., in New Haven, Conn., will step down as the group’s first chairman at the November meeting.
Executive Interview with Paul Foley, Vice President, Automotive Aftermarket Suppliers Association (AASA)
Our latest edition of “Executive Interview” features Paul Foley, vice president of the Automotive Aftermarket Suppliers Association (AASA), a market segment of the Motor & Equipment Manufacturers Association (MEMA). Join us as Foley brings us up to speed on the rapid growth of AASA since its creation two years ago, as well as several industry initiatives AASA is currently focusing on.
Private Equity Firms Drive Away With More Auto Parts Deals
The auto parts industry continues to be one of the favorite places for private equity firms to put their money as they invested more than $1.5 billion in the industry in July.
Rift Harming Auto Industry
The tense relationship between Detroit’s automakers and their suppliers was on display Wednesday as executives from both camps spoke about cooperating and collaborating while taking subtle or direct swipes at each other.
Cadna Names New Managing Partners
Cadna Automotive, a supplier of belts and hoses to the aftermarket, has added two managing partners to its staff. Dan Clevenger and Fred Witmer have joined the company as co-managing partners. Clevenger has been named president of Cadna Automotive. Witmer will serve as vice president of the Memphis, Tenn.-based company.
Engine Manufacturers Will Work to Meet the Challenge of EPA’s New Nonroad Diesel Engine Regulation
The Engine Manufacturers Association (EMA) responded positively to the announcement of the nonroad diesel engine and fuel regulation finalized recently by the U.S. Environmental Protection Agency (EPA).