Dana Third Quarter Profit Falls
Dana Corp., the biggest maker of axles for light trucks, said third-quarter net income fell 34 percent as U.S. carmakers trimmed production and raw material costs rose. Net income dropped to $40 million, or 27 cents a share, from $61 million, or 41 cents, the Toledo company said Wednesday. Sales rose 12.2 percent to $2.11 billion from $1.88 billion. Higher steel costs alone reduced net income by $22 million, Chief Executive Michael Burns said in a statement.
Dana AAG Announces Organizational Changes
While still waiting to complete its move to new ownership by Cypress Group, Dana Corp.’s Automotive Aftermarket Group (AAG) has announced several organizational changes. The changes affect both the under hood and under vehicle portions of the business. According to Terry McCormack, president of the group, the changes will “further streamline and strengthen our ability to lead the aftermarket in responsiveness, service and product offering.”
Brake Parts Inc. Receives Data Audit Certification (DAC)
Brake Parts Inc. announced this week that it is the first aftermarket company to pass all four groups of the Automotive Aftermarket Industry Association’s (AAIA) Data Audit Certification (DAC). DAC is part of AAIA’s Product Information Exchange Standards (PIES) program.
Car Care Council Women’s Board to Hold Seventh Annual Women’s Board Reception During AAPEX
The Car Care Council Women’s Board will hold its seventh annual Car Care Council Women’s Board Reception on Tuesday, Nov. 2 at 5 p.m. in rooms 106 and 107 of the Sands Expo Center, during the Automotive Aftermarket Products Expo (AAPEX) in Las Vegas. During the reception, the Women’s Board will present the first-ever Aftermarket Woman of the Year award, as well as recognizing winners of the Automotive Communications Awards and the Women’s Boards’ scholarship recipient.
Raytech Names Butz as COO of North American Operations
John Butz has been named chief operating officer (COO) of Raytech Corp.’s North American Operations. As he assumes these additional responsibilities, Butz will remain in his current position as president of the aftermarket group for Raytech Corp. The aftermarket group includes Raybestos Powertrain, LLC and Allomatic Products Co.
Cypress Group Announces New Name for Automotive Aftermarket Group Unit
The Cypress Group announced today that the automotive aftermarket business it is in the process of purchasing from Dana Corp. will be named “AFFINIA” after the transaction is completed. The announcement was made by Michael Finley, managing director of Cypress. “The name AFFINIA reflects the collaborative approach the business maintains with its many constituents,” said Finley. “It describes the spirit of teamwork and service that guides the way the aftermarket team does business with its customers, and also speaks to the collaboration and teamwork that characterize the way the company’s people interact each day.
Private Equity Firms Drive Away With More Auto Parts Deals
The auto parts industry continues to be one of the favorite places for private equity firms to put their money as they invested more than $1.5 billion in the industry in July.
Executive Interview: John Washbish Talks About the Dana AAG Acquisition
Our latest edition of “Executive Interview” features John Washbish, president of customer relationship management for the Dana Automotive Aftermarket Group (AAG). On Friday it was officially announced that New York-based investment firm Cypress Group agreed to buy Dana AAG for $1.1 billion. We had the opportunity to talk to Washbish just hours after the announcement was made. Join us as he shares some of the preliminary details on the acquisition and talks about the future of the Automotive Aftermarket Group.
Updated: Cypress Group to Buy Dana AAG Unit
It’s official. Dana Corp. has finally named a buyer for its Automotive Aftermarket Group (AAG). As first-reported early this morning in a ”Breaking News” bulletin from aftermarketNews.com, New York-based buyout firm Cypress Group has agreed to purchase the Dana AAG unit for approximately $1.1 billion in cash. Dana AAG President Terry McCormack and John Washbish, the AAG unit’s president of customer relationship management, along with their executive team will continue with the company. According to Michael Finley, managing director of Cypress, former Echlin top execs Larry McCurdy and Joe Onorato have signed on to serve as directors of the new company.
Auto Pride Convention Focuses on EDI Initiatives
On the sun-drenched shore of Florida’s southern Atlantic coast, IWD (Independent Warehouse Distributors) Auto Pride/Truck Pride held its 19th Annual Membership Meeting on April 28 through May 2. The event included participation from 117 members and their families, as well as 137 manufacturers/suppliers in attendance. While the members participated in more than 10 strategy and program sessions, the manufacturers hosted a booth show during the second day of the event.