Raser Technologies and Prestolite to Develop Integrated Starter/Alternators
Raser Technologies, a technology licensing company that develops and licenses advanced electric motor, controller and related technologies, and Prestolite Electric, a global manufacturer of alternators and starters for heavy-duty vehicles, have signed a non-binding Letter of Intent to work together in the performance of future military contracts.
Dayco Celebrates Its First Hundred Years
With its celebration slogan “Continuing the Legacy,” Dayco Products, LLC is celebrating its 100th year as a company. In these days of corporate buy-outs and mergers, Dayco has maintained its identity, and in some ways returned to its early roots, to become a highly-respected, worldwide manufacturer of belts, hose, tensioners and related parts for the automotive original equipment and replacement markets. The legacy it celebrates is one of a strong company that has a reputation for an insatiable craving to develop new products, improve established products and increase manufacturing efficiencies.
Cummins Inc. Restructures Management Team, New President and COO Named
Joe Loughrey, president of Cummins’ engine business, has been promoted to president and COO of Cummins Inc. His new appointment is part of a strategic reorganization and growth plan, Tim Solso, Cummins chairman and CEO noted in a press release yesterday.
Record-Setting Crowd at HDMA Breakfast Hears PACCAR’s Plimpton
The HMDA Breakfast & Briefing during the Mid-America Trucking Show (MATS)a drew standing-room-only crowd to hear Tom Plimpton, president of PACCAR Inc. In his comments to the more than 650 attendees, Plimpton predicted a “robust market” for the heavy-duty sector. He also highlighted the increasing importance of information technology in the sector, noting that PACCAR has invested more than $1 billion in its IT services during the past 10 years.
Remy International Announces Fourth Quarter Results
Remy International announced net sales of $255.8 million and adjusted EBITDA of $23 million for the fourth quarter, which ended Dec. 31, 2004. Net sales increased $11.7 million, or 4.8 percent, and adjusted EBITDA decreased $6.4 million, or 21.7 percent, compared with the fourth quarter of 2003. Operating income of $17.2 million in the fourth quarter of 2004 compares with an operating loss of $96.6 million in the same period of 2003. The company said the fourth quarter of 2003 reflects the special charges associated with the core inventory valuation of $103.9 million and the Mexico Arbitration award of $14.3 million, along with restructuring charges of $1.7 million.
Caterpillar to Offer On-Highway Automatic Transmissions
Caterpillar Inc. has developed a complete line of fully automatic, planetary transmissions designed specifically for vocational applications. Production of these transmissions is expected to begin later this year, with availability in 2006. The new vocational on-highway transmissions are based on existing transmissions that have proven themselves in Caterpillar articulated trucks, according to the company.
Congressman Barton Predicts Right to Repair Act Passage This Year
Rep. Joe Barton, R-Texas, was strongly optimistic in predicting passage this year of the Motor Vehicle Owners’ Right to Repair Act legislation that he will re-introduce to the 109th Congress during remarks to more than 250 attendees at the Aftermarket Legislative Summit last week.
Congressman Barton Predicts Right to Repair Act Passage This Year
Rep. Joe Barton, R-Texas, was strongly optimistic in predicting passage this year of the Motor Vehicle Owners’ Right to Repair Act legislation that he will re-introduce to the 109th Congress during remarks to more than 250 attendees at the Aftermarket Legislative Summit last week.
U.S. Steel Market in Crisis: MEMA Report
A new research report by the Motor & Equipment Manufacturers Association (MEMA) suggests that government intervention in the U.S. steel market has caused a cost crisis that is hurting automotive and heavy-duty suppliers across the country. The MEMA report says that the result has been “unprecedented bankruptcies and job losses.”
Jose Maria Alapont Chosen as President and CEO of Federal-Mogul
Federal-Mogul Corp. has just announced that Jose Maria Alapont has been chosen to be the new president and CEO of the company. The appointment was authorized by the court presiding over Federal-Mogul’s Chapter 11 proceedings. Alapont also will join the board of directors of Federal-Mogul. Alapont, who served as CEO of IVECO, the commercial vehicle company of the Fiat Group, will replace Robert “Steve” Miller, who has been serving as interim CEO of Federal-Mogul since January 2004. Miller will continue to serve as chairman of Federal-Mogul’s board of directors.