Coni-Seal Considering Merger with AutoPartSource and New World Friction
In a letter issued to business partners, Frank Pagano, chief executive officer of Coni-Seal Inc., announced that the company has retained the services of The Oxbridge Group, LLC in New York City to prepare a feasibility study of the merger of Coni-Seal and Momentum USA, Inc., the holding company of AutoPartSource, LLC located in Richmond, VA, and New World Friction Corp. located in Cambridge, Ontario. Oxbridge has also been retained to prepare a second feasibility study to consider the prospect of an initial public offering of approximately $20 million during the last quarter of 2006.
R. L. Polk & Co’s Ask the Industry: Industry Execs Comment on the Top Ten Issues of Year
Today, aftermarketNews kicks off its second annual “Top Ten” series, produced in collaboration with our sister publication, Counterman magazine. For our first installation in a weeklong series, we recap the top ten issues addressed this year by executives in our bi-weekly feature “Ask the Industry.” Below are ten of the most intriguing insights that leading aftermarket executives shared with us this year.
R. L. Polk & Co.’s Ask the Industry: Are We Doing Enough to Attract the Next Generation?
For this edition of Ask the Industry, we asked executives representing a number of market segments including manufacturing, service and training: Are we doing enough to attract bright young professionals to this industry? If not, what more needs to be done? And, what are the dealerships doing that we can’t or haven’t?
Timken Company Proceeds With Key Part of Automotive Group Restructuring
The Timken Co. announced plans to close its Clinton, SC, plant with production being phased down over the next two years. The decision is part of an ongoing program to increase competitiveness of its automotive group by reducing fixed costs and creating more focused factories across its automotive product portfolio. This action is part of the previously announced restructuring of the company’s Automotive Group.
Publisher’s Perspective: Collaborating With The Enemy
The high level of warranty returns in the industry is certainly one of our enemies. It appears to me, somewhat ironically, that an opportunity for true collaboration may exist within this industry-wide problem. This marketing “tool” (some might call it “sham”) just might offer enough similar circumstances and ill-fated characteristics to entice parts manufacturers and their re-selling customers to implement policies and procedures in a real, fully functional collaborative effort.
Aftermarket eForum: Day Two – To “e” or not to “e”
Yesterday, the Aftermarket eForum was in its second day in the Windy City. The full day was full of panels, vendor displays and speakers who gave their insights on the world of “e” in the industry.
”Piracy” Drives Growth in AutoWeb’s Data Exchange Business
AutoWeb Communications, a global provider of engineering data-exchange services for the automotive and aerospace industries, expects dramatic growth in its Asia Pacific business as the threat of intellectual property theft spreads throughout the region.
U.S. Filter Demand to Reach $11 Billion in 2009
According to a study from The Freedonia Group, Inc., the demand for filters in the U.S. is expected to increase 4.3 percent per year to more than $11 billion in 2009.
MEMA Member Testifies About Impact of Chinese Counterfeiters
Scott Emmer, brand protection manager for Federal-Mogul, testified yesterday on behalf of the auto parts industry before the House Energy and Commerce Committee, Subcommittee on Commerce, Trade and Consumer Protection. Emmer asked the government to help stop the growing influx of counterfeit goods coming in to the country from China.
Asbestos Update: Medical Criteria Bill and Specter Legislation Introduced; Georgia Law Passed
According to a recent report from the Motor & Equipment Manufacturers Association, there have been a number of developments concerning asbestos over the past few days. In addition, the Automotive Aftermarket Industry Association this week reported on a new study performed by NERA Economic Consulting, which estimates that asbestos litigation has cost the U.S. economy $343 billion to date and that proposed trust fund legislation (S. 852) currently under consideration by the Senate Judiciary Committee would save $71 billion in future administrative and legal costs alone.