Experts Warn Industry’s Growth in South Carolina Will Be Flat at Best
South Carolina is chasing automotive manufacturing jobs even as the industry’s work force is slipping away from the U.S. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains. Some experts warn South Carolina will lose its auto jobs too, as automakers and parts companies move jobs abroad or squeeze out jobs at home through efficiency gains.
Executive Interview with Tony Perticari, Vice President of Sales and Marketing, Crown Remanufacturing
Our latest edition of “Executive Interview” features Tony Perticari, a 35-year veteran of the automotive parts industry. Perticari joined Philadelphia-based Crown Remanufacturing in 1986. He currently serves as vice president of sales and marketing for the company and is responsible for all NAFTA and overseas sales and marketing activities. Join us as Tony Perticari tells us what makes Crown tick, and what it takes to stay ahead of the pack. He also shares with us his predictions for the future of the reman industry, and the company.
Midas Completes Debt Refinancing
Midas has entered into a three-year, $115 million credit facility to refinance its existing debt. The new facility consists of a $55 million revolving loan and a $60 million term loan from a group of lenders led by Bank One, NA.
DST Asks: Where Do Your Profits Come From — Products or Customers?
Last week we asked: Internally does your current computerized business system provide comprehensive data for managing stocking decisions? This question begs another related question: Where do you make your profits, from your products or from your customers?
Collins & Aikman Ends Inquiry, Shares Rise
Collins & Aikman Corp. on Thursday said it completed an internal accounting inquiry and will not restate previously issued financial statements, sending its shares up 18 percent. The company also said its fourth-quarter loss more than tripled to nearly $10 million. Last August, the Troy, Mich., company said it was investigating business transactions between the company and two of its directors, just days after its CEO resigned.
ASC Industries Launches Canadian Print Advertising Campaign
ASC Industries is expanding its international advertising reach through a new agreement with Canadian magazine publisher The Automotive Group, which focuses on the automotive aftermarket. ASC said it will concentrate its advertising in The Automotive Group’s warehouse distributor and technician-oriented publications: Jobber News and SSGM (Service Station and Garage Management).
DST Asks: Can Your Business Measure Return on Customer Investment?
Although most businesses have the means for measuring their Return On Investment, DST has coined the term Return on Customer Investment as a more accurate method of determining profitability of the customer base. Many firms believe that their largest customers, or the ones they have been supplying for the longest time, are the most profitable ones, but access to pertinent data can contradict those assumptions.
Cooper Tire Signs Supply Agreement with Hangzhou Rubber Co.
Cooper Tire and Rubber has signed an outsourcing agreement with Hangzhou Zhongce Rubber Co., located in Hangzhou, China. Hangzhou will supply approximately one million passenger radial tires to Cooper for sale in the U.S. Last October, Cooper announced an agreement with Hangzhou to supply Cooper with radial medium truck (RMT) tires which had previously been made at Cooper’s Albany, Ga., plant. The Albany facility will add passenger capacity to replace the RMT production.
Bridgestone Profit Jumps
Tiremaker Bridgestone Corp. said its profit nearly doubled in 2003 as sales rose in Europe and payments related to a massive U.S. tire recall three years ago declined. But the tire company forecast lower profits for this year, citing higher rubber prices and increasing marketing expenses in Japan in the face of weak demand.
Goodyear Completes $650 Million Loan
Goodyear Tire & Rubber has completed a new $650 million secured term loan that was arranged by JPMorgan and Citigroup. The company said it intends to use approximately $335 million of the proceeds of the loan to partially repay its existing $583 million U.S. term loan. Proceeds will also be used to repay other indebtedness and for general corporate purposes.