Illinois Tool Works Reports 8.8 Percent Growth in Operating Revenues
The company said base revenues were negative for the three month period as North American and international end markets continued to weaken.
Permatex Promotes Four on Executive Management Team
Permatex Inc. has announced several key promotions for its executive management team.
Indian Car Giant to Borrow Money for Takeover
From Coventry Evening Telegraph India automotive giant Tata Motors, which is poised to buy Jaguar and Land Rover, plans to borrow half a billion pounds on the money markets. The firm’s board of directors confirmed yesterday the money was needed to fund its expansion plans at home and abroad. As well as wanting to buy
Aftermarket Auto Parts Alliance Sails Into Florida for Annual Meeting; Outstanding Vendors Honored
SAN ANTONIO — The shareholders of Aftermarket Auto Parts Alliance, Inc. (Alliance) gathered this week in Boca Raton, FL, for the group’s annual winter meeting. The meeting is a culmination of the past year’s efforts of the Alliance, which markets for Auto Value/Bumper to Bumper parts stores and certified service centers. Reports and breakout meetings
IndyCar Series Restructures Earnings Distribution; 500 Winner’s Payout to Increase
The IndyCar Series this week announced a restructuring of its earnings distribution, designed to provide a financial foundation for new and existing teams committed to running the entire IndyCar Series schedule. Beginning in 2008, the program, called IndyCar TEAM: Team Enhancement and Allocation Matrix, will award a minimum of $1.2 million to each car entered to compete the entire season, including the Indianapolis 500. By implementing IndyCar TEAM, the Indy Racing League will dissolve its existing event purse formula.
Pep Boys Reduces Interest Rate on Term Loan Facility
PHILADELPHIA – Pep Boys announced this week it has reduced the interest rate on its $320 million senior secured term loan facility due 2013 syndicated by Wachovia Capital Markets, LLC from London Interbank Offered Rate (LIBOR) plus 2.75 percent to LIBOR plus 2 percent. CFO Harry Yanowitz said, “We appreciate the confidence of our lenders
Surebond Adds to its Sales Team
MADISON, WI — Surebond, Inc. of Madison, WI, announced that Terry Andress has been added as the newest member of the Surebond sales team. Surebond engineers sealants and adhesives used in automotive assembly and other applications. In this new role, Andress will be covering the Northeastern United States. Formerly with ITW Plexus, Andress has an
Illinois Tool Works Buys Ark-Les Corp.
Illinois Tool Works (ITW) has acquired Ark-Les Corp., a developer of highly engineered electronic and electromechanical controls. Terms of the transaction were not disclosed. Headquartered in Stoughton, MA, Ark-Les was founded in 1937 and has grown to become a global producer of electro-mechanical and electronic: switches, sensors, connectors, controls, user interfaces and actuators. The company’s products are used in many household appliances and automobiles across the world.
Illinois Tool Works Extends Tender Offer for Click Commerce
CHICAGO — Illinois Tool Works Inc. (ITW) is extending the expiration date of its cash tender offer to purchase all outstanding shares of common stock of Click Commerce, while the parties await approval by the German Federal Cartel Office. The offer, which had previously been scheduled to expire at midnight on Oct. 16, has been
Executive Interview with Tony Battaglia, Director of Marketing for Permatex
Tony Battaglia is the director of marketing at Permatex, Inc., where he is responsible for the company’s product and market management groups, as well as the creative and marketing services departments. Battaglia is a 17-year veteran of the automotive aftermarket and has been with Permatex since 1989, when the company was part of the Loctite/Permatex organization. As Permatex approaches its 100th year anniversary, the company continues to maintain its position as an established leader and innovator in the service and repair chemicals market. Join us as Battaglia shares a bit about the company, including how Illinois Tool Works’ acquisition of Permatex last year has helped the company grow, as well as some insight as to what lies ahead for the company.