RMA Chief Shea Resigns, Interim in Place
Don Shea has resigned as president and CEO of the Rubber Manufacturers Association (RMA). Shea, according to a statement by the RMA, left to “pursue other opportunities.” His resignation was accepted by the RMA Executive Committee and is effective immediately. Dr. Charles Cannon was appointed interim CEO while a search is conducted for a permanent successor. RMA officials expect the search to take six months.
Deal Reached, Michelin Managers Released
Groupe Michelin and some of its European labor unions reached an agreement Monday that facilitated the release of two plant managers the unions had held hostage. The managers were taken hostage at Michelin’s Toul, France, plant — one of two tire plants in France slated to be closed by Michelin.
GPC 2007 Sales Increased 4 Percent, EPS Increased 8 Percent
Genuine Parts Co. (GPC), which just completed its 80th year of operations, reported record sales and earnings for the year ended Dec. 31, 2007. Tom Gallagher, chairman, president and chief executive officer, announced that sales in 2007 were $10.84 billion, up 4 percent compared to 2006. Net income for the year was $506.3 million, an increase of 7 percent compared to $475.4 million in 2006. Earnings per share on a diluted basis were $2.98, up 8 percent compared to $2.76 in 2006.
Register Now for Aftermarket’s Premier Conference and Save $200
RESEARCH TRIANGLE PARK, NC – By registering now, attendees at the 2008 Global Automotive Aftermarket Symposium (GAAS) program can hear an exciting lineup of speakers and industry leaders as they discuss "Shift Forward" at a $200 savings. The event will take place Tuesday, May 20, and Wednesday, May 21, at the Hyatt Regency O’Hare in
Top Shop Awards Website Launched
AKRON, OH – Building on the success of its first Top Shop Awards program last year, Tire Review and presenting sponsor Ammco/Coats have launched a new website dedicated to all aspects of the prestigious North American tire dealer awards program. The site – www.tirereviewtopshopaward.com – features complete entry information (including an online entry form), key
Executive Interview with George Schafer, President of Eastern Catalytic
This week, we hear from George Schafer, president of Eastern Catalytic. He founded the company, first called Eastern Manufacturing Inc., in Langhorne, PA, in 1980. Join us as Schafer shares his thoughts on the potential impact of emissions control legislation on the aftermarket industry as well as some changes in his company’s business strategy.
Mike Hill Named Heavy Duty Remanufacturer of the Year
CHANTILLY, VA — The first annual “Heavy Duty Remanufacturer of the Year” award was presented during the 2008 Automotive Parts Remanufacturers Association’s Heavy Duty Remanufacturing Group Summit held on Jan. 21. The inaugural award was presented to Mike Hill, president of Precision Rebuilders of St. Clair, MO, as an acknowledgement of his outstanding leadership and
NCMA Opens Conference Registration for ACES
From AAIA AutoFacts BETHESDA, MD — The 35th annual conference of the National Catalog Managers Association (NCMA) is open for registration. Members of the Automotive Aftermarket Industry Association (AAIA) who either publish or receive electronic catalog data files are eligible to attend. The NCMA Knowledge Exchange will be held May 3-6 at the Grand Hyatt
Ford to Manufacture Some Parts In-house
For decades, Detroit automakers have outsourced parts work — from axles to cup-holders — to suppliers that employ thousands of workers nationwide, and increasingly, in low-cost countries such as Mexico and China. The suppliers develop and build the parts. Then they ship them back to the automakers, where they are assembled into shiny new Ford F150 pickups and Chevrolet Malibu sedans.
Visteon Announces Fourth Quarter and Full-Year 2007 Results
Visteon has announced fourth quarter and full-year 2007 results. For fourth quarter 2007, Visteon reported a net loss of $43 million, or 33 cents per share, on sales from continuing operations of $2.9 billion. The fourth quarter net loss includes $30 million of non-cash asset impairments and $32 million of restructuring expenses that were not eligible for reimbursement from the escrow account. For fourth quarter 2006, Visteon reported a net loss of $39 million on sales from continuing operations of $2.8 billion. EBIT-R, as defined below, for fourth quarter 2007 was $15 million, an improvement of $52 million over the same period of 2006.