Delphi Earnings Decline
Auto-parts maker Delphi Corp. said Tuesday its fourth-quarter net earnings sank to $82 million as it paid for a major restructuring program it launched in October, which included 8,500 job cuts. Net income for the quarter was 15 cents a share, down from $119 million, or 21 cents, in the same period a year earlier.
ArvinMeritor Secures $200-Million Suspension Module Contract
ArvinMeritor’s Light Vehicle Systems (LVS) business group has been awarded a new, annual $200-million light vehicle suspension systems contract for the final assembly of front- and rear-cross car modules to begin production in the fourth quarter of October 2005. The identity of the customer, and terms of the contract were not disclosed.
Hayes Lemmerz Announces Agreement with Hyundai Translead
Hayes Lemmerz International’s Commercial Highway Division has received a multi-product agreement with Hyundai Translead. Hayes Lemmerz will supply all standard wheel-end components for all of Hyundai Translead’s dry freight vans, refrigerated trailers, chassis and converter dollies for the agreement term. The agreement includes CentruMount steel wheels, and Cast Hub and Drums and Centrifuse Drums.
Former National Dragster Editor-in-Chief Passes Away
Former Editor-In-Chief of National DRAGSTER, John Raffa, lost his battle with cancer and passed away on Jan. 20. Raffa had an extensive background in drag racing publishing, including editor/publisher of Super Stock & Drag Illustrated magazine and managing editor of Car Craft magazine. Raffa also worked as director of communications for Norwalk Raceway Park and as a guest columnist for Drag Racing Online.
Save the Date: MEMA Legislative and Public Policy Summit – Advancing American Manufacturing, May 5-6
MEMA and its market segment associations – AASA, HDMA and OESA – will host the inaugural “MEMA Legislative and Public Policy Summit: Advancing American Manufacturing” on Thursday and Friday, May 5-6 in Washington, DC. The Summit has been created to raise awareness among Washington policymakers of the supplier industry’s many contributions to the nation’s economy. MEMA intends to bring members to Washington, DC, to collectively share their priorities and concerns with members of Congress and the Bush administration. While in Washington, they will discuss best practices in government affairs for our industry, and provide updates and dialogue on legislative, regulatory and political developments from senior administration officials, members of Congress and other experts.
Herman Trend Alert: Overtime to Increase
Under ideal conditions, employers have just the right number of employees to perform the work that needs to be done. Overtime payroll costs are minimal, incurred only in those rare instances when there is some unusual circumstance or a critical employee is ill or on vacation. Over the past few years, companies have reduced employment to minimum staffing levels. People have been asked to work extra hours from time to time on an “as-needed” basis. This strategy has been a preferred alternative to hiring more people and increasing fixed payroll costs.
Dana AAG Expands Relationship with NASCAR
Dana’s Automotive Aftermarket Group (AAG) has renewed its partnerships with NASCAR in anticipation of the 2004 NASCAR NEXTEL Cup Series. Dana aftermarket products such as WIX filters, Raybestos brakes and Clevite Engine Parts are part of the exclusive lineup of NASCAR Performance products.
Magna President and CEO Resigns, Expected to Run for Canada’s Conservative Party
Belinda Stronach, president and CEO of diversified automotive supplier Magna International, has resigned. According to recent news reports, Stronach is expected next week to announce her candidacy for the leadership of Canada’s Conservative Party. Her father, Magna Founder and Chairman Frank Stronach, has assumed the position of interim president.
Noble International Completes LWI Acquisition, Plans to Sell Monroe Engineering Subsidiary
Noble International has completed its acquisition of Clinton Township, Mich.-based Laser Welding International (LWI), a supplier of laser-welded blanks to General Motors. The acquisition which was first announced late last week, now includes the proposed sale of LWI’s subsidiary, Monroe Engineering Products. Noble paid $14.7 million for LWI, with an additional $1 million payable if certain new business is awarded to Noble within the next twelve months.
TIA Off-The-Road Tire Conference Set for Feb.
The Tire Industry Association’s (TIA) Off-The-Road (OTR) Tire Conference is set to take place next month in central Florida. This annual event attracts the largest gathering of executives and business owners that manufacture, service, repair, retread or supply products for the OTR market. Off-road racer Walker “The Legend” Evans will be the keynote speaker for the event. The OTR Tire Conference takes place Thursday through Saturday, February 26-28, at the Gaylord Palms Resort in Kissimmee, Fla.