Cooper Tire Ups Investments in U.S. Manufacturing Plants, Hires 116 Plant Workers
Cooper Tire & Rubber has increased capital equipment investments in three of its four U.S. tire manufacturing facilities. The company said this increase provides additional production capacity of more than 2.4 million units to meet the steadily increasing demand for the company’s tires. The $32.1 million investment will include the purchase of new tire building machinery and presses. An additional 116 manufacturing employees will also be hired.
Pep Boys Names Transpro Primary AC Line Supplier
Pep Boys has named Transpro as the primary supplier of its air conditioning product line. The agreement extends Transpro’s existing relationship with Pep Boys whereby they currently purchase Ready-Rad Radiators and Ready-Aire Heater Cores and A/C Condensers from Transpro.
ArvinMeritor to Sell Ohio Trailer Systems Business to Sypris Solutions
ArvinMeritor has announced plans to sell its Kenton, Ohio, trailer systems business to Louisville, Ky.-based Solutions. ArvinMeritor said the sale of the facility, which employs more than 200 people, will allow the company to focus strategically within trailer products on its core processes for the design and assembly of complete systems, which consist of axles, brakes, suspension and ride control. Once the transaction is complete, Sypris Solutions would become a long-term, key supplier of trailer axle beams to ArvinMeritor’s trailer assembly facility in Frankfort, Ky.
Continental Tire North America and Exel Form Strategic Tire Distribution Partnership
Continental Tire North America (CTNA) and Exel, a global logistics company, have formed a strategic partnership in the area of tire distribution logistics in North America. As part of the agreement, Exel will assume control of the management of CTNA’s tire distribution warehouses. All details of the agreement will be finalized by April 1, 2004.
Noble International to Purchase Laser Welding International
Noble International has signed a purchase agreement to acquire Laser Welding International Inc. (LWI). LWI, based in Clinton Township, Mich., is a supplier of laser-welded blanks (LWB) to General Motors. According to Noble’s COO Tim Emmitt, the acquisition of LWI will help expand Noble’s presence with General Motors. The company plans to integrate LWI into Noble Metal Processing over the next several months, Emmitt said.
Universal Automotive Acquires Three Brands from TRW Automotive’s Kelsey-Hayes Subsidiary
Universal Automotive has purchased several business assets of TRW Automotive’s Kelsey-Hayes subsidiary. The Livonia, Mich.-based businesses sold for $11 million in cash plus additional contingent payments. Universal has acquired the Autospecialty, ValuMaxx and Power Stop brands from Kelsey-Hayes. It also has entered into a licensing agreement for the use of the TRW trademark for premium quality brake rotors and drums and a supply agreement for TRW suspension products.
Starcraft Shareholders Approve Merger With Wheel to Wheel, Tecstar
Shareholders of aftermarket and OEM supplier Starcraft Corp. have voted to approve a proposed merger agreement with Troy, Mich.-based Wheel to Wheel, Inc., an automotive engineering and design business. The transaction has received all required regulatory clearance and the merger is expected to close by the middle of January. In 1988, Starcraft and Wheel to Wheel jointly formed Tecstar, which provides and installs appearance enhancement items on vehicles provided by and returned to an original equipment manufacturer. The new agreement calls for Starcraft to acquire the remaining 50 percent ownership of Tecstar LLC and Tecstar Canada that it does not currently own by acquiring closely held Wheel to Wheel. The transaction merges Wheel to Wheel into a newly created subsidiary of Starcraft, which will exchange Starcraft common shares for shares of Wheel to Wheel.
SEMA Show 2004 Space Selection Begins in February
Online space selection for the SEMA Show 2004 will begin the week of Feb. 9. The trade show is scheduled to take place Nov. 2 through Nov. 5 at the Las Vegas Convention Center. The online selection for exhibit location will be made according to a company’s seniority as SEMA Show exhibitor, and their membership in SEMA and/or the Tire Industry Association (TIA).
Midas Completes Restructuring
Midas said it has completed its restructuring plan successfully, and on schedule. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003. In April 2003, Midas announced agreements with AutoZone in the U.S. and Uni-Select in Canada for distribution of Midas brand and other automotive parts to the 1,900 Midas shops in North America. Midas’ timetable to exit the parts distribution business was the end of fiscal 2003.
Transpro Named NAPA Branded Radiator Supplier
Transpro has been named supplier of a new radiator program for NAPA. Under the agreement, Transpro will supply NAPA with a radiator program that will offer a selection of popular radiator models covering a variety of automotive and light truck applications. Transpro will begin shipping product to NAPA this month, and the program will be rolled out to the NAPA distribution system in February.