Delphi Becomes Official Safety Supplier to IRL
In the first-ever agreement of its kind, Delphi has been designated the “Official Safety Supplier” to the Indy Racing League (IRL). Beginning this year, the league’s safety and rescue team will become the Delphi Indy Racing League Safety Team. The Delphi Indy Racing League Safety Team includes 15 trained professionals who will attend all IndyCar Series and Menards Infiniti Pro Series events to handle on-site emergencies. In addition, Delphi will provide new safety technologies for safety vehicles used by the team and will provide hydraulic sled testing and analysis services at the Delphi Safety Systems Test Center, a state-of-the-art safety testing facility in Vandalia, Ohio.
Fusor Named Preferred Supplier by Keystone Automotive
Keystone Automotive has named Lord Corporation’s Fusor Automotive Repair Adhesives a preferred supplier. Fusor Automotive is a provider of metal and composite bonding solutions for automotive body repair. Lord Corp. provides its full product-line of Fusor Automotive Repair Adhesives to Keystone Automotive Industries, specifically their adhesives for metal bonding, plastic repair and bumper repair; as well as their seam sealers and foams. According to the Keystone supplier performance summary, Lord earned 100 points on a rating scale with a total possible 100 points. Program criteria included quality, order fill rate and order lead-time.
Sarah Fisher and Larry Hoofnagle to be Featured on C.A.R. Show
IRL IndyCar Series driver and Raybestos Safety Campaign spokesperson Sarah Fisher, and Larry Hoofnagle, director of marketing for Brake Parts Inc., will be featured on the C.A.R. Show radio program on Saturday, January 31. The broadcast will air between 9 – 11 a.m. EST. During the broadcast, Hoofnagle and Fisher will discuss the importance of vehicle maintenance and the need to educate consumers about taking proper care of their vehicle’s braking system through annual brake inspections, maintenance and repair.
BorgWarner Announces 40 Percent Increase to Quarterly Dividend
The board of directors of BorgWarner has declared a quarterly dividend of $0.25 per share on all of the company’s issued and outstanding common stock. The dividend has been increased by 40 percent over the previous dividend amount.
“DST Asks”: Adding Service/Installation as an Additional Profit Center in a Parts Enterprise
How many readers know that Starbucks, the ubiquitous coffee retailer, actually began operating as a coffee roaster in Seattle, selling bags of whole bean coffee in Pike Street Market? It took a visionary leader, Howard Schultz, coupled with an ambitious operating plan and enterprise management technology to morph the business into the worldwide coffeehouse chain and merchandising success story we see today. And this all happened in an incredibly short period of time…with growth from 17 outlets in 1987 to 7,225 outlets today. All of this was based on the simple premise, “We already have customers who buy our coffee beans — what if we brewed the coffee for them, too?” We see a similar opportunity in parts distribution.
Who’s Buying Whom?
Who owns the suppliers of today? New owners include leveraged buyout firms, putting a new spin on the old consolidation trend. In the wake of Dana’s announcement to sell off its aftermarket businesses comes the speculation of who will buy it. Water cooler conversations in the office haven’t exactly been at a fevered pitch. That’s a dramatic change from just a few short years ago when SPX was trying to make a hostile purchase of Echlin (which ultimately ended up in the hands of Dana), or when Federal-Mogul was buying up companies as part of former CEO Dick Snell’s major consolidation plan. Those were the good old days of major aftermarket acquisitions. Now, we’re left to ponder the fate of the Dana Automotive Aftermarket Group. The big question is: Who among the current base of manufacturers is a candidate to make such a large acquisition?
Executive Interview with Terry McCormack, President, Dana Automotive Aftermarket Group (AAG)
Our latest edition of “Executive Interview” features Terry McCormack, president of Dana Automotive Aftermarket Group (AAG). McCormack talked to aftermarketNews.com about the recent news that Dana will divest its aftermarket group. He shared details of the announcement as well as his insights on what this major change means for the company and the division.
Prestolite Electric Sells UK Facility
Prestolite Electric Holding, has sold the Acton (London, England) manufacturing facility of Prestolite Electric Limited, the company’s UK subsidiary. Prestolite sold the subsidiary to Lemon Land Limited for approximately $47 million. The Acton facility had a book value of $9 million. In connection with the purchase, Prestolite retained the right to occupy the facility through the end of 2004.
Earl Scheib Elects Independent Chairman, Adopts New Nominating Process
The board of directors for Earl Scheib Inc. has elected Robert Smiland as independent chairman of the board. Smiland replaces interim chairman Christian Bement, who continues as the company’s CEO. Additionally, the board has reconfigured its director-nominating process to establish that nominations will be reviewed and approved by the three current independent directors.
Johnson Controls’ Earnings Up 17 Percent
Johnson Controls Inc. said quarterly earnings rose 17 percent, with both its automotive parts and building controls businesses reporting double-digit sales gains. Johnson Controls also eliminated a few dozen jobs at its Milwaukee controls division, even as it plans to expand the business by about 100 jobs, the company said Wednesday.