Executive Interview with Federal-Mogul’s Jose Maria Alapont
In this most recent interview, Federal-Mogul President and CEO Jose Maria Alapont shares his thoughts on such industry issues as green technologies, the challenges in the automotive sector, our country’s reliance on foreign oil and what Federal-Mogul looks like post-Chapter 11.
Gentex Revises Top Line Growth Estimates for Third Quarter of 2008
Gentex Corp. has revised its prior estimate for top line growth for the third quarter ended Sept. 30. In the company’s second quarter news release on July 22, the company had estimated that its top line growth for the third quarter of 2008 and balance of the year would be approximately 10 percent higher than the revenues reported for those same periods in 2007, based on the mid-July light vehicle production forecast of CSM Worldwide.
Accuride announced a number of significant changes this week ®€“ including a change in top management, restructuring initiatives and the creation of a n
Accuride announced a number of significant changes this week – including a change in top management, restructuring initiatives and the creation of a new aftermarket division.
Industry Veteran Scott Shriber Named Publisher of BodyShop Business Magazine
Scott Shriber has been named publisher of BodyShop Business, a Babcox publication serving the collision repair industry. Shriber begins his new role as publisher on Monday, Aug. 25. “We look forward to the unique and in-depth industry insights Scott brings to his role as publisher of BodyShop Business,” said Bill Babcox, president of Babcox Publications. “Having grown up in his family’s jobber business, in addition to more than 30 years of professional experience in the OE and aftermarket segments, Scott has a wealth of automotive expertise to offer our organization.”
Cooper Tire & Rubber Co. Reports Second Quarter Results
Cooper Tire & Rubber Co. reported a net loss of $22 million, or 38 cents per share, for the quarter ended June 30. Net sales for the period were a record $773 million, an increase of $43 million over the prior year. The company said increased revenues were driven by pricing and improved mix partially offset by decreased tire unit volumes in North America. As with many manufacturing companies, Cooper faced intense challenges during the quarter that adversely affected operating results. These included record high raw material costs, increased utility costs and weak market demand in North America. Raw material shortages also led to Cooper’s decision to temporarily curtail production during the quarter in North America.
Retired GM Exec Appointed to MPA Board
Motorcar Parts of America has appointed Duane F. Miller to its board of directors, expanding the board to seven members. Duane Miller, 60, retired in April 2008 after a 37-year career with General Motors Corporation. He most recently served as executive director for General Motor’s Service and Parts Operation, responsible for all field activities, GM Parts (original equipment), AC Delco (aftermarket), GM Accessories business channels and the Global Independent Aftermarket business. His career with General Motors included numerous assignments and increasing responsibilities, commencing as a merchandising representative for the former AC Spark Plug division.
Keystone Automotive Reports First Quarter 2008 Net Sales of $143.9 Million
Keystone Automotive Operations has announced financial results for its fiscal first quarter ended March 29. Net sales for the first quarter were $143.9 million, a decrease of $2.4 million, or 1.6 percent, compared to $146.3 million for the same period in the prior year. This modest sales decrease occurred at a time when the macroeconomic environment remained soft and consumer spending on discretionary items remained conservative. The company believes that its first quarter performance versus overall industry trends suggest gains in market share driven by outstanding customer service and a broad and deep assortment of inventory.
O’Reilly Automotive Reports Softer Sales in First Quarter
O’Reilly Automotive has announced its revenues and earnings for the first quarter ended March 31. Sales for the three months ended March 31 totaled $646 million, up 5.4 percent from $613 million for the same period a year ago. Gross profit for the first quarter of 2008 increased to $288 million (or 44.6 percent of sales) from $269 million (or 43.9 percent of sales) for the first quarter of 2007, representing an increase of 7.1 percent. Selling, General and Administrative expenses increased to $214 million (or 33.2 percent of sales) for the first quarter of 2008 from $192 million (or 31.3 percent of sales) for the first quarter of 2007, representing an increase of 11.6 percent.
Ford Plans to Park Jaguar, Land Rover with Tata Motors
In what could be one of the most significant shifts of clout in the auto industry, Ford Motor will hand over the keys to its high-class Jaguar and Land Rover brands to a relatively unknown Indian conglomerate that wants to be a high-end player. The sale is expected to be announced today, according to a source briefed on the negotiations who did not want to be named because the deal had not yet been made public. Tata is to pay about $2 billion for the two brands, which cost Ford $5.3 billion, and continue building the British vehicles in the U.K.
Goodyear Names New Corporate Controller, CIO
AKRON, OH — Goodyear Tire & Rubber Co. has appointed Richard Noechel as vice president and corporate controller, replacing Thomas Connell, who in turn was named vice president and chief information officer. Noechel, 39, had been CFO of Goodyear’s South Pacific Tyre subsidiary in Australia since 2006. He began his career with Goodyear in 2004,