Siemens to Buy Software Maker UGS
German conglomerate Siemens AG agreed last week to buy business software maker UGS Corp. from three private-equity firms for about $2.1 billion and the assumption of $1.4 billion in UGS debt. The sellers — private-equity firms Bain Capital, Silver Lake Partners and Warburg Pincus — bought UGS for $2.05 billion in 2004. The deal will require approval of regulators in the United States and Europe, and the companies did not set a timetable for completing the sale, said John Clendening, a UGS spokesman.
The Week In Review (Aug. 21-25, 2006)
THE WEEK IN REVIEW (August 21-25, 2006) _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ASSOCIATION & LEGISLATIVE NEWS: _______________________________________________________________________________________________________ _______________________________________________________________________________________________________ ASA to Communicate with Members through New Blog The Automotive Service Association (ASA) is among the latest in the aftermarket industry to launch a blog website. ASA’s new blog (http://blog.asashop.org) will provide commentary and analysis about the automotive service industry
PACCAR Reports Record Revenues and Profits
PACCAR achieved record revenues and net income for the first quarter of 2006, according to Mark Pigott, chairman and chief executive officer. PACCAR earned $342 million ($2.02 per diluted share) for the first quarter 2006, an increase of 25 percent compared to the $274 million ($1.56 per diluted share) earned in the first quarter of 2005. First quarter net sales and financial services revenues were $3.85 billion versus $3.33 billion for the first quarter of last year. The company’s after-tax return on consolidated revenues (ROR) was a record 8.9 percent in the first quarter of 2006 compared to 8.2 percent in the first quarter of 2005.
DaimlerChrysler CEO Schrempp to Step Down
DaimlerChrysler CEO Juergen Schrempp, architect of the controversial merger between Daimler-Benz and Chrysler Corp., will step down and turn the top job over to Chrysler head Dieter Zetsche, the company said Thursday. Zetsche will be replaced at Chrysler by current No. 2 Thomas LaSorda in changes that take effect at the end of the year. Chrysler executive Eric Ridenour will take LaSorda’s place.