AutoZone Completes Acquisition of Eastern Parts Store Chain
Yesterday, AutoZone announced it had completed the purchase of selected assets of the Eastern U.S. auto parts chain, ABC Discount Auto Parts. ABC had been a long-time member of the RPM Group. The acquisition of ABC furthers AutoZone plans to develop market areas through asset acquisitions where the company currently is under-penetrated. ABC Discount Auto Parts operated 17 stores and one distribution center in Southern New Jersey and Eastern Pennsylvania. The company, previously owned by Lou and Carla Fishman, was headquartered in Cherry Hill, NJ.
Lear Downplays SEC Inquiry
Lear Corp. CEO Robert Rossiter on Wednesday downplayed an informal investigation by the Securities and Exchange Commission into its employment of corporate officers’ relatives and insider business transactions. The head of the Southfield, Mich.-based auto-interiors supplier also told analysts that the probe is strictly related to disclosure — not whether there was financial misconduct. Management, he added, quickly corrected the disclosure omissions as soon as they were pointed out.
New AAIA Report Provides Insight Into Auto Repair Professional’s Tool Buying Habits
A new market research report published by the Automotive Aftermarket Industry Association (AAIA) reveals that technicians, shop owners and service managers prefer to purchase their tools from mobile tool distributors. The report — “Tool Purchasing Trends” — offers insight into current and future purchasing decisions of professional users of tools and equipment for automotive repair based on surveys of more than 1,340 respondents.
Experts Warn Industry’s Growth in South Carolina Will Be Flat at Best
South Carolina is chasing automotive manufacturing jobs even as the industry’s work force is slipping away from the U.S. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains.
Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
PPG Announces Management Assignments
PPG Industries has announced two management assignments. Reg Norton, director of global manufacturing and supply chain for PPG’s automotive refinish business unit, has been appointed global director, environment, health and safety, effective April 1. He will replace David Cannon Jr., vice president, environment, health and safety, who is leaving the company on March 31. Lynne Schmidt, director of government affairs, will be promoted to vice president, government and community affairs, and executive director of the PPG Industries Foundation, effective July 1.
Delco Remy International Announces Fourth Quarter And Year End Results
Delco Remy International announced that fourth quarter 2003 Adjusted EBITDA increased 62.9 percent to $27.7 million on a net sales increase of 4.2 percent to $261 million as compared to EBITDA of $17 million and net sales of $250.5 million for the same period in the prior year.
Executive Interview with Howard Kesten, President and Founder of Workboards
Our latest edition of “Executive Interview” features Howard Kesten, president and founder of Workboards, which launched the automotive job site, aftermarketJobs.com, in December 2003. A two-time guest speaker at AAPEX, Kesten is also founder and CEO of APA Search, Inc., an executive search and human resources consulting firm serving the automotive industry. In 18 years, he has placed more than 1,600 automotive professionals. Join us as Kesten provides an introduction to aftermarketJobs.com and shares with us his predictions for the future of the aftermarket and the job market.
WTO Penalizes U.S. Exports for First Time
The United States comes under World Trade Organization penalties for the first time today, the result of congressional failure to steer through presidential politics, employment anxiety and budget deficits and head off the tariffs. A 5-percent penalty tariff awaits U.S. exports such as jewelry and refrigerators, toys and paper. The penalty climbs by 1 percentage point for each month that lawmakers fail to bring U.S. laws in line with international trade rulings.
Herman Trend Alert: Competition for Recent Graduates
Employers are showing renewed interest in fresh college graduates. For years, these young people have experienced frustrating difficulty finding stimulating and rewarding jobs after graduation. Many companies that had traditionally conducted on-campus interviews have been missing; the interest in graduates has been unusually low. Things are changing. Employers are showing renewed interest in college seniors, increasing their recruiting efforts and demonstrating stronger response to inquiries from students taking the initiative to find their preferred career-starting job.