Modine Reports Third Quarter Fiscal 2009 Results
Company takes aggressive action to address business performance; supported by newly amended credit agreements.
I-CAR Announces 2009 International Board of Directors
The board of directors sets the overall strategic direction for the organization and assists in obtaining resources in support of the I-CAR Mission.
Chrysler Reports Progress on Fiat Alliance
Alliance is conditioned on U.S. government approval of Chrysler’s upcoming viability plan submissions.
Tenneco Initiates Financial Covenant Amendment Process for Fourth Quarter 2008
The company expects to meet with its lenders to evaluate a more comprehensive amendment early in 2009.
Midas Reports Third Quarter Net Earnings of $1.7 Million
Revenues for the third quarter were up $1.4 million to $47.1 million.
Johnson Controls to Acquire Plastech Through Newly Formed Joint Venture
Johnson Controls Inc. (JCI) has formed a joint venture to acquire the interior product assets of Dearborn, Mich.-based Plastech Engineered Products, which filed for bankruptcy in February 2008. Johnson Controls owns 70 percent of the joint venture and will be its largest customer. The joint venture includes 29 plants in North America, which manufacture injection molded components and assemblies such as door panels and floor consoles.
Ford Files Design Patent Infringement Complaint on Mustang
Ford Global Technologies recently filed a Section 337 complaint at the International Trade Commission (ITC) against manufacturers and U.S. distributors of automotive collision repair parts alleging infringement of design patents for certain exterior repair parts for the 2005 Ford Mustang. This follows a 2005 ITC complaint by Ford that alleged infringement of design patents for 2004, 2005, 2006 and 2007 F-150s. An administrative law judge of the ITC ruled that seven of 10 design patents directed to parts for the Ford F-150 truck were enforceable and infringed Ford’s design patents, but agreed with Keystone Automotive Industries and other companies that had vigorously contested the case that three patents were invalid due to Ford’s prior public use of the designs. The ITC then issued a cease and desist order to stop the importation of these parts into the United States.
U.S. Carmakers Are Adopting Simplicity as a Path to Recovery
Henry Ford, who created the automotive industry’s first mass-market hit with the Model T a century ago, was a proponent of radical simplicity. In fact, Ford became famous for saying his customers could have the $825 Model T in any color — so long as it was black. Since the first Model T appeared in 1908, Ford’s vision of top-down efficiency has been swamped by thousands of feature and color combinations on new cars, trucks and sport utility vehicles. A result, executives say, has been higher production and inventory costs and headaches for customers and dealers in sorting through a complex matrix of choices. Ford Motor and the other U.S. automakers are now going back to black, embracing the spirit of Ford’s notion in response to mounting losses and the risk of a deeper downturn in the United States in 2008.
NASCAR Angels and Goodyear Gemini Give Back to Teachers, Staff at Dr. C. Owen Roundy Elementary School
LAS VEGAS, NV – NASCAR Angels TV show, along with its presenting sponsor partner Goodyear Gemini, will feature an unprecedented gift of new tires, oil changes and fluid checks to 65 teachers and staff members’ vehicles of Dr. C. Owen Roundy Elementary School in an upcoming episode. The “spring car care” day-long repair fest will
Modine Faces Possible Plant Closures; Slow Sales, High Costs Have Hurt Parts Maker
Modine Manufacturing shares fell to a 52-week low after the company said it was considering plant closures and additional restructuring measures, including talks with lenders. The Racine, WI-based maker of heating and cooling systems for vehicles and buildings said it was hurting because of a difficult business climate and a slower-than-expected recovery in sales to heavy-duty truck manufacturers. Modine employs about 7,800 people at 33 facilities worldwide. In a news release, the company said it was "actively formulating plans" for additional restructuring, including plant closures and other significant measures in North America and Western Europe.