Retooling a Pool of Talent: Michigan Reaches Out from Brawn to Brains
Diego Rivera’s famous mural of Detroit’s industry depicts big, muscular men pulling on steel and manipulating heavy machines as they mold new cars. But if Rivera were here today, how would he see the city? Probably not muscling steel girders around. He’d see MBAs and computer geeks creating the modern automotive world in front of their computers.
Firms Eye Cooper, Dana Auto Part Units-Sources
A handful of large private equity firms are considering bids for two key automotive parts businesses on the auction block, sources close to the situation said. Both Dana Corp. and Cooper Tire and Rubber Co. have announced they may divest their auto parts businesses. Each unit may separately fetch $1 billion or more, analysts estimate.
Universal Automotive Reports Results for 2003 Year, Fourth Quarter
Universal Automotive Industries has reported financial results for its fourth quarter and year, which ended Dec. 31, 2003. The company said it is making progress integrating the assets it acquired from TRW Automotive, Inc. in January 2004, which effectively doubled Universal’s size.
2004 Automotive News PACE Awards Winners Announced
Automotive News has announced the 11 winners of its 2004 PACE Awards. This is the 10th year that the publication has honored innovative auto suppliers through the PACE Awards, which are co-sponsored by Cap Gemini Ernst & Young and Transportation Research Center Inc. The winners were announced at a ceremony on Monday, March 8, at the Detroit Opera House. A panel of independent judges selected the winners from a group of 23 finalists.
Charles Pestow to Join Citation as VP Sales and Marketing
Citation Corp. has hired Charles “Chuck” Pestow as vice president of sales and marketing. Citation manufactures cast, forged and machined components for the capital and durable goods industries, including automotive and industrial markets. Pestow began his career with TRW, Inc., Cleveland, Ohio. In his twenty- seven years with that organization he held a variety of positions in engineering, operations and sales and marketing.
Federal-Mogul Changes its Plan, Shareholders to Be Offered New Stock
Federal-Mogul Corp. has amended its plan for emerging from bankruptcy to guarantee current shareholders the right to buy new shares in the reorganized auto supplier at a predetermined price. Under both the former and amended plans, current shares would be voided once the company exits bankruptcy and new shares would be issued. In an unrelated matter, Federal-Mogul announced Friday that a fire had extensively damaged its Smithfield, Tenn., distribution facility. All employees were evacuated safely. The company is working on a plan to resume operations elsewhere late this week. The center employed 225.
Autospecialty Announces Executive Promotions
Autospecialty has announced a number of executive promotions. Larry Fidance has been promoted to vice president of marketing for the entire company.
Reynolds Shareholders Re-Elect Three Board Members, Approve Stock Incentive Programs
Shareholders of The Reynolds and Reynolds Co. have approved the re-election of three board members, each for a three-year term. Re-elected were Eustace Mita, chairman and CEO of Avista Properties Worldwide LLC, Philip Odeen, former chairman of TRW Inc., and Donald Peterson, chairman and CEO of Avaya Inc.
Who’s Buying Whom?
Who owns the suppliers of today? New owners include leveraged buyout firms, putting a new spin on the old consolidation trend. In the wake of Dana’s announcement to sell off its aftermarket businesses comes the speculation of who will buy it. Water cooler conversations in the office haven’t exactly been at a fevered pitch. That’s a dramatic change from just a few short years ago when SPX was trying to make a hostile purchase of Echlin (which ultimately ended up in the hands of Dana), or when Federal-Mogul was buying up companies as part of former CEO Dick Snell’s major consolidation plan. Those were the good old days of major aftermarket acquisitions. Now, we’re left to ponder the fate of the Dana Automotive Aftermarket Group. The big question is: Who among the current base of manufacturers is a candidate to make such a large acquisition?
Delphi Appoints Three New Sales Managers in North America
Delphi Corp. has named three new sales managers for North America. Jim Eady, Darrel Reuss and Steve Tucker will serve as regional sales managers for vehicle electronics in North America for Delphi Product & Service Solutions. Eady will cover the Southeast, Reuss the Midwest and Tucker the Northeast and all will report to Scott Donnelly, North American vehicle electronics sales manager.