Bankrupt Venture Might Sell Some Assets
Bankrupt auto supplier Venture Corp. plans to put itself up for sale to see if there is any interest in the Fraser firm’s assets or business contracts, say lawyers and others familiar with the struggling company. Venture, which makes plastic parts such as instrument panels for the auto industry, has asked the U.S. Bankruptcy Court in Detroit for permission to market the company. A hearing to get approval and determine how marketing would be handled is scheduled for March 11.
TI Automotive to Build New Plant in Mexico
TI Automotive, a supplier of fully integrated fluid storage and delivery systems, plans to build its seventh manufacturing plant in Reynosa, Tamaulipas, Mexico. The new 60,000-square-foot facility will employ 400 people and will produce brake and fuel lines for automotive assembly plants in North America. The plant is expected to open this summer.
Titan Permanently Closes Natchez Plant; Considers Venture for Brownsville Plant
Titan International has reported that it will permanently close its tire plant in Natchez, Miss., and possibly pursue a joint venture with an unnamed party for its Brownsville, Texas, facility.
Parts Distributor Leverages Technology to Achieve Growth Profitability
Georgia parts distributor, Powertrain Inc. of Savannah, has reported a 25 percent growth in the company’s billed labor time since it began using DST Inc.’s DSTWare Service module to manage both its parts distribution and service business. With 33 percent of its business mix consisting of service, the Durrence’s have said they attribute this growth to the software’s ease of use.
DST Asks: What Value Do You See in Sharing Detailed Sales Data?
An ongoing dilemma exists between all tiers of the supply chain due to the gulf caused by lack of collaboration and sharing of sales information that would ultimately benefit all — manufacturers, distributors, parts retailers and service providers. Where do you stand on these issues? Our objective is to generate the thought and dialogue that might provide energy to new initiatives. See our special offer at the end of this week’s column!
WTO Penalizes U.S. Exports for First Time
The United States comes under World Trade Organization penalties for the first time today, the result of congressional failure to steer through presidential politics, employment anxiety and budget deficits and head off the tariffs. A 5-percent penalty tariff awaits U.S. exports such as jewelry and refrigerators, toys and paper. The penalty climbs by 1 percentage point for each month that lawmakers fail to bring U.S. laws in line with international trade rulings.
American Axle Gets 2-Tiered Pay Plan In Tentative Deal
The UAW’s quick settlement Friday morning of the one-day strike at American Axle & Manufacturing Inc. in Detroit finds the union again authorizing a concept it once loathed — a two-tier wage structure that ensures future employees never make as much as current ones.
TI Automotive Combines Regional Operations
TI Automotive, a leading supplier automotive fluid storage and delivery systems, has combined its regional operations for heating, ventilation and air conditioning (HVAC), in a move to help streamline its product development process.
Class-action Decision Delayed in BAH Hearing; Firestone Recalls Another 297,000 Steeltex Radial A/T tires
An Indio, Calif., hearing to determine if a lawsuit over Bridgestone/Firestone’s Steeltex tire brand should gain class-action status has been postponed until Mar. 17. The hearing was originally scheduled for Feb. 25. California Superior Court Judge Christopher Sheldon delayed the decision, saying he wanted a shorter version of the motion filed by Bridgestone Americas Holding (BAH) opposing class-action certification. In related news, late yesterday afternoon Bridgestone/Firestone North American Tire announced a voluntary safety campaign in the U.S. to replace approximately 297,000 Steeltex Radial A/T tires in size LT265/75R16 LR D (Load Range D) on 2000-2002 and some early 2003 model year Ford Excursions. The company said preliminary data suggests that there could be an issue concerning the performance of these tires. The Wall Street Journal reported Thursday that the new recall was initiated following three fatal crashes that claimed five lives.
American Axle Strike Causes GM to Idle Plant
In a move that already is rippling through the auto industry, about 6,500 UAW auto-parts workers hit the picket lines Thursday morning at American Axle & Manufacturing Inc. in Detroit and other cities. A 4-year contract with UAW members at American Axle, one of the world’s largest auto suppliers, expired at midnight Wednesday and the two sides could not reach a tentative agreement. By late Thursday the strike already was affecting General Motors Corp., American Axle’s biggest customer and former owner.