Bidder Chosen for C&A’s Flooring Unit
Collins & Aikman Corp. said Wednesday it had selected a bidder for its North American automotive flooring and acoustic components business. The Southfield, MI-based supplier of interior components said details of the bid, including the name of the lead bidder, will be announced at a January bankruptcy court hearing. The news comes on the heels of an announcement last month that the company’s directors are trying to sell the company in parts or in its entirety because of customer production cuts and deterioration in the auto industry.
Advance Auto Saves Through Refinancing
From Roanoke Times & World News Advance Auto Parts has refinanced its secured credit facility, a move that will save the Roanoke, VA-based retailer of automotive parts more than $2.5 million annually on pretax interest expenses, according to a news release. The refinancing resulted in a new $750 million unsecured five-year revolving credit facility, with
ArvinMeritor Names New VP/GM of Door Systems Business
ArvinMeritor has named Deborah deBoer Henderson vice president and general manager of the company’s Light Vehicle Systems (LVS) global Door Systems business. This new appointment distinguishes Henderson as the first female to hold the role of business unit vice president and general manager at ArvinMeritor. She will report to Juan De La Riva, president of LVS.
EDITORIAL: The Death of the Supply Base Is Greatly Exaggerated
With the continued troubles at Ford and General Motors and the periodic announcements of another major supplier going bankrupt (e.g., the recent announcement by Dana), the conventional wisdom is that the North American automotive industry is an almost impossible place to make money and that we are “overdue” for a major industry re-structuring, particularly in the supply base. While there is no question that certain industry players will not survive the current transition, we believe the projections of a radical re-structuring of the industry are overstated and industry participants need to be prepared to deal with continued overcapacity in many industry segments.
Dana Declares Bankruptcy: Fortune 500 Firm Vows to Keep Operating
Unable to get more credit and fend off mounting debts, Toledo’s Dana Corp. on Friday filed for bankruptcy protection, vowing to continue operating. The venerable Toledo, OH, firm has dealt with a series of financial problems in the last six months that ultimately led to the filing for protection from its creditors. Although the filing was not unexpected, it nevertheless was psychologically gut-wrenching to one of the nation’s largest independent automotive parts makers.
J.L. French Expects to Leave Bankruptcy in June
French Automotive Castings could emerge from bankruptcy this summer, the Sheboygan, WI, company said Monday. The auto parts supplier filed for Chapter 11 bankruptcy protection Friday in federal court in Wilmington, DE, along with eight affiliates. Combined, the companies listed $741.6 million in debt.
Kerkorian Aide Urges Ailing GM to Cut Salaries
General Motors faces a financial crisis requiring that it slash costs from top to bottom — cutting salaries of board members and top executives, hourly wages for factory workers and the dividend for shareholders — financier Kirk Kerkorian’s automotive lieutenant declared Tuesday.
Dana Completes Financial Restatements
Dana Corp. has completed its financial restatements for the first two quarters of 2005, the year 2004 and prior years. The company has filed amended annual and quarterly reports for the applicable periods with the U.S. Securities and Exchange Commission. As a result of these restatements, the total reduction in net income after tax for all periods restated was $44 million.
AMN’s Top Ten Week: Top Ten News Stories
If nothing else has been made clear by the events taking place in the automotive industry over the past 12 months, this much is true: The automotive aftermarket is changing — in dramatic ways. Here, the editorial staffs of Counterman and aftermarketNews takes a month-by-month look at the key events that have shaped this industry’s destiny over the past year.
AMN Top Ten Week: The Top 10 Newsmakers of 2005
Now in its second year, aftermarketNews, together with its sister publication Counterman magazine, present the Top 10 Newsmakers list. While it is difficult to whittle down the number of influential leaders who are making an impact on this industry today, our editorial team has carefully compiled a list of individuals whom we believe to have left a distinct impression on the marketplace in 2005, and perhaps for years to come.