Parker Hannifin Divests Remainder of Wynn Oil Business to Illinois Tool Works
Parker Hannifin Corp. announced today it has sold its Wynn Oil automotive specialty chemicals business unit to Illinois Tool Works Inc. (ITW) for an undisclosed amount. The business has annual revenues of approximately $110 million. Based in California, Wynn Oil develops and manufactures chemical car care products and maintenance equipment for the automotive industry. The business was acquired with Parker’s July 2000 purchase of Wynn’s International, a leading producer of seals and sealing compounds.
2005 INDY 500 Festival Will ‘Accelerate Your Senses’
Indianapolis Motor Speedway and 500 Festival officials have unveiled the theme for the 89th Indy 500 and the month-long festival that takes place to celebrate this historic race. The theme for the May 2005 Indy 500 Festival is “Accelerate Your Senses.” The “Accelerate Your Senses” theme will be prominent in local and national Indianapolis 500 advertising and promotional materials and 500 Festival event materials. The theme also will be an important part of the many events that take place in Indianapolis during the month of May, leading up to the 2005 Indianapolis 500 on Sunday, May 29.
GM, Ford Part of SEC Review of Pension Accounting
The Securities and Exchange Commission, as part of a broad effort to pre-empt another flurry of Enron-style financial trickery, has asked three automotive companies and three other, unnamed companies how they make certain pension fund calculations. The Securities and Exchange Commission, as part of a broad effort to pre-empt another flurry of Enron-style financial trickery, has asked three automotive companies and three other, unnamed companies how they make certain pension fund calculations.
Management Changes at Sika in North America
The Board of Directors of Sika AG, Baar, Switzerland, has appointed William Loven to head North America as regional manager and Sika Corporation USA as president and CEO effective January 1, 2005. In this position he will also serve as a member of Group Management of Sika AG, Switzerland.
Goodyear to Close Lincoln, Neb., Belts and Hose Warehouse
Goodyear Tire & Rubber Co. plans to close its warehouse and distribution center in Lincoln, Neb., between July and the end of the year, effectively cutting 160 jobs. According to a company press release, Goodyear will transfer warehouse activities to an undisclosed logistics firm. Goodyear currently operates two large hangars and two smaller buildings in Lincoln, totaling about 290,000 square feet. The company’s new warehouse will be a single, larger building, the release said.
Comergent Technologies Acquires Profile Systems, Inc.
Comergent Technologies, a leading provider of demand chain management applications, has acquired Profile Systems, a developer of product information (PIM) and inventory management companies for business-to-business e-business. Under the terms of the agreement, Comergent Technologies has acquired all the outstanding Profile Systems shares and technology. Profile Systems employees have been retained in the West Springfield, Mass., office.