Supplier Wants to Build Cars for Big Three
Magna Steyr appears to be inching closer to its goal of being the first auto supplier in recent history to build entire vehicles on a contract basis for automakers in North America. The engineering unit of Canada’s Magna International Inc. still doesn’t have its first North American vehicle-building contract, but the unit’s top executive here said it has had initial talks with several U.S. automakers and could be close to inking a deal.
Stride Tool and Valvoline Sign Exclusive Licensing Agreement
Stride Tool Inc., a manufacturer of specialty hand tools, has announced an exclusive licensing agreement with Valvoline for oil filter service tools. The Valvoline and Valvoline MaxLife trademarks will appear on Stride Tool’s wrenches, pliers, drain pans, funnels and MagnaMat.
An Era to End at Ford: William Clay Ford Plans to Retire from Company Board
William Clay Ford, the last surviving grandson of Henry Ford, plans to retire from the Ford Motor Co. Board of Directors after nearly 57 years, the company announced Wednesday. Ford, who turns 80 Monday, is the father of chairman and CEO Bill Ford and has been on the board for more than half of the company’s history, elected before he even graduated from Yale University.
Qualitor Recapitalizes Business
Qualitor, Inc., parent company of Sloan Transportation Products, has announced the recapitalization of its business. Based in Southfield, Mich., Qualitor was previously a Wind Point Partners portfolio business, and is now owned by Thayer Capital Partners, Baird Capital Partners and American Capital, along with Qualitor’s senior management team.
Gill Industries Names Richard Perreault New President and COO
Gill Industries, Inc., a Grand Rapids, Mich.-based advanced engineering and manufacturing company, has named Richard Perreault as its new president and COO. Perreault joins Gill having most recently served as CFO for Troy, Mich.-based Cignet, a supplier of electronics and exterior trim to the automotive industry.
Industry Reaches Out to Tsunami Victims
Numerous automotive aftermarket industry associations and businesses have been reaching out to the victims of last month’s devastating tsunami in south Asia. The 8.9-magnitude quake hit December 26 off the coast of Indonesia, triggering extremely large waves that have brought massive flooding, damage and loss of life in the region. More than 140,000 are reported dead, with countless others left homeless and injured.
Doddridge Resigns From Intermet Board of Directors
Former Intermet Corp. Chairman John Doddridge has announced his resignation from the company’s board of directors, effective August 1, in order to devote more time to other business and personal interests. Doddridge stepped down as CEO of Intermet in July of 2003 and retired as chairman in July of this year. The company announced on July 15, 2004, CEO Gary Ruff had been elected to the additional post of chairman.
Auto Industry Conference to Help Participants Navigate the Future of the Industry
A perfect storm is brewing for global automakers and suppliers, but those who lead, manage and influence the industry have the knowledge and capabilities for navigating the troubled waters ahead. They’ll share their insights in early August in the Traverse City, Mich. area at the Management Briefing Seminars — the automotive industry’s premier conference event.
Lear Plans to Close Auburn Hills, Mich., Plant
Multibillion-dollar auto interiors supplier Lear Corp. said Thursday that it plans to close its Auburn Hills, Mich., plant by mid-June, a move that will put the factory’s 305 hourly employees out of work. The Auburn Hills plant makes seats for the Buick LeSabre and Buick Park Avenue sedans, which are built at General Motors Corp.’s Orion Township plant.
Quell Unveils Award-Winning B2B Trade and Tech Show Program
Quell Communications Group, which handles marketing for aftermarket companies such as Akebono, has developed a new program to help businesses make the most of trade show experiences. The Quell Communications Group TradeTech Immersion program provides a strategic approach to exhibiting products, technologies and services at trade and tech shows. This ultimately engages customers in a business dialogue that leads to sales, according to the firm.