Dana Restructuring Helps Rebound
Auto parts maker Dana Corp. credited its restructuring plan and an increase in heavy-truck production for its fourth-quarter rebound. Toledo-based Dana had a fourth-quarter profit of $68 million, or 45 cents per share. Excluding onetime items, the company earned 41 cents per share, or 1 cent higher than the expectations of analysts surveyed by Thomson First Call.
Autoliv Raises Dividend by 33 Percent
Autoliv has increased its quarterly dividend to shareholders by 33 percent, from 15 to 20 cents per share. The dividend will be payable June 3 to stockholders of record on the close of business on May 6.
Clemson Nabs Top Leader For Auto Project
The new director of Clemson’s automotive research center drives a minivan, but Robert Geolas does not recall how many pistons it packs. Geolas, a North Carolina State grad, said his Honda CRV was built in 1991. Or was that 1992? His wife once told him he did not have enough automotive experience to change a tire. “I hope they didn’t hire me to be an automotive expert,” Geolas said. But Geolas said there are plenty at Clemson. He said the university has automotive engineering talent and the vision to build a graduate program designed to attract research and higher-paying jobs to South Carolina.
Tower Plant Move to Affect Nearly 500 Employees
Earlier this week, Tower Automotive announced that in 2005 it will move production of Dodge Ram frames from its facility in Milwaukee to a plant in Mexico. In response to this news, the Milwaukee Journal Sentinel ran a story detailing the impact this move with have on Wisconsin’s manufacturing base. According to the Sentinel report, nearly 500 Milwaukee factory workers will lose their jobs as a result of the move. Almost 80,000 factory jobs have already disappeared from Wisconsin since 1999, the article stated.
Car Care Council Offers “Be Car Care Aware” Starter Kits for National Car Care Month
“Be Car Care Aware” point-of-sale starter kits — containing marketing and promotional materials to help businesses promote vehicle maintenance and the on-going “Be Car Care Aware” consumer education campaign — are available just in time for National Car Care Month in April. The starter kit features National Car Care Month materials that can be used each April to celebrate and promote this national event. The kit includes “Be Car Care Aware” signage, consumer literature and the industry’s first comprehensive service interval schedule.
SEC Investigates Goodyear
The federal Securities and Exchange Commission is investigating accounting problems at Goodyear Tire & Rubber Co., the world’s largest tire maker said. News of the investigation sent Goodyear shares down 96 cents, or nearly 10 percent, to close at $8.96 on the New York Stock Exchange. The stock had been rebounding recently as the company pushed a new line of tires that analysts said could help make Goodyear profitable again.
Dana Doubles Dividend
Citing continued confidence in the company’s performance and direction, Dana Corp.’s board of directors has doubled the dividend on the company’s stock, from 6 cents per share to 12 cents per share.
ATP-Inc. to Produce Illustrated Parts Catalog Internally Using e-Publisher
The e-Publisher catalog management system from Vertical Development Inc. (VDI) has given replacement parts supplier ATP-Inc. the capability to generate illustrated parts lists and catalogs internally, bypassing traditional typesetting and desktop publishing services. According to VDI, the system will also allow ATP to produce literature faster and export data mapped in industry-standard formats.
ASA Chief Staff Executive Addresses Consumer, Insurer Issues on Two CBS Programs
The Automotive Service Association (ASA) and its Chief Staff Executive Ron Pyle played a significant role in two CBS programs that addressed the issue of insurer-owned body shops. Pyle was recently interviewed at ASA’s headquarters in Bedford, Texas, and appeared Wednesday, Feb. 11, on the “CBS Evening News” during its “Eye on America” segment. On Thursday, Feb. 12, Pyle provided follow-up coverage on this issue when he was interviewed again by CBS during an appearance on “The Early Show.”
Friday is Deadline to Submit Info for AASA Top Suppliers List
Friday, Feb. 13 is the deadline to submit information for participation in the 2004 Top Automotive Aftermarket Suppliers List, published by Automotive Aftermarket Suppliers Association (AASA), the aftermarket segment of the Motor & Equipment Manufacturers Association (MEMA).