Apogee Appoints New CFO
Apogee Enterprises, which develops and delivers value-added glass products and services for the automotive industry, has appointed William Marchido as its CFO. Marchido had been CFO at Siemens Dematic in Grand Rapids, Mich., since 1988. At Siemens Dematic, he was responsible for all financial areas, including IT systems management and productivity improvement programs, for the America’s Material Handling Division and locations in Europe, Singapore, New Zealand and Australia.
Moody’s Cuts ArvinMeritor Rating
ArvinMeritor Inc. said its debt rating was lowered to non-investment grade by Moody’s Investors Service and that the move will boost the company’s borrowing costs. Moody’s cut its rating on the Troy-based company’s long-term debt to Ba1, one level below investment grade, from Baa3, ArvinMeritor, said in a filing with the Securities and Exchange Commission. The company makes truck axles and automotive exhaust systems. Moody’s said the downgrade reflects ArvinMeritor’s “relatively poor performance” in 2003 and the first quarter of 2004, a result of lower vehicle production and slow demand for heavy trucks.
Tenneco Automotive Names Two New VPs
Tenneco Automotive has named James Perkins as vice president and controller and John Kunz as vice president and treasurer. Perkins joins Tenneco Automotive from GE Medical Systems Information Technology, where he most recently was director, commercial operations. Kunz joins Tenneco Automotive from Great Lakes Chemical Corp., where he most recently served as vice president and treasurer.
CBS Segment Featuring ASA’s Ron Pyle Sparks Criticism from Insurers, Repairers
The Automotive Service Association’s (ASA’s) Chief Staff Executive Ron Pyle was recently featured in two CBS programs that addressed the issue of insurer-owned body shops. A number of insurers and repairers responded negatively to the segment, including the National Auto Body Council (NABC), which sent a stern letter to CBS News stating that the segment didn’t live up to its sensationalized billing, when Dan Rather told the viewing audience to stay tuned to see how consumers are possibly being ripped off by collision repair shops.
U.S. Faces Decline in Engineers As Student Programs Grow Overseas
The United States faces a shortage of engineers in coming years, and that could diminish the nation’s status as a leader in technology development and innovation, executives and educators say. The looming shortage comes as nations, including China and India, are seeing a boom in the number of students in engineering programs. Assuming the trend continues, it could result in the U.S. continuing to lose technology jobs to overseas competition.
“DST Asks” Parts Distributors: Which Features of a Computerized Business Management System are Most Useful to Your Business?
Our youngest readers may not be able to remember that there was a time before remote control technology when changing the channel on your television actually required getting up off the couch and making the long walk over to it. “Channel surfing” only existed when you could get one of your kids to sit next to the TV and turn the dial for you. Life was brutal then.
R&B Reports Sales and Earnings for the Fourth Quarter and Full Year
Automotive replacement parts supplier R&B has announced financial results for the fourth quarter and year, which ended December 27, 2003. For the fourth quarter, sales increased 1 percent to $55.6 million from $55.1 million in the same period last year. Net income in the fourth quarter of 2003 was $3.8 million compared to net income of $3.5 million in the same period in 2002. Diluted earnings per share in the fourth quarter increased 8 percent to $0.42 from $0.39 in the same period last year.
UTI Appoints Two New Directors
Universal Technical Institute (UTI) has appointed two new directors. Conrad Conrad and Kevin Knight will serve as members of UTI’s audit committee, with Conrad serving as chairman of the audit committee. These appointments bring the membership of UTI’s board of directors to seven.
Executive Interview with Jim Taylor, CEO of Thomas Group
Our latest edition of “Executive Interview” features Jim Taylor, CEO of the Thomas Group. Taylor joined the Thomas Group in 2001 as vice president and CFO. From 1997 to 2001, Taylor served as president of the Chancellor Group, a Dallas, Texas, management consulting firm, where he assisted companies in restructuring, raising funds and completing initial public offerings. Join us as Taylor tells us more about the Thomas Group culture and how it works for its clients.
Automotive Supplier ZF Lemforder Plans to Close Duncan, S.C., Plant
Automotive supplier ZF Lemforder will close one of its two Duncan, SC, plants within two years and will lay off an unspecified number of employees, officials confirmed last week. Frank Buscemi, public affairs director with ZF Group North America, said the company’s components plant would be closed by the end of 2005 because it cannot fill demand and cannot be expanded.