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.
Dana Corp. Prepares for 100th Anniversary Celebrations
Dana Corp. will kick off its centennial-year celebrations at an automotive technology event in downtown Detroit, this while banners announcing the anniversary will begin peppering downtown Toledo. The Toledo firm, which turns 100 on April 1, will start its centennial celebration at the Society of Automotive Engineers World Congress. Dana will return to the March 8 to 11 event at Cobo Center for the first time since 2001 after bowing out, along with other large suppliers, for business and financial reasons.
Crump to Chair NACE 2004 in Las Vegas
The International Autobody Congress & Exposition (NACE) has re-appointed Vernon Crump, body shop director for John Eagle Collision Center in Dallas, Texas, as chairman for NACE 2004, which will be held Nov. 3-6, in Las Vegas, to coincide with Automotive Aftermarket Industry Week (AAIW). Crump was NACE 2003 chairman and received accolades for his leadership and experience, and for the innovative programs he introduced at NACE to spotlight new technologies and to strengthen industry and global relationships.
Tower Automotive Acquires Remaining Shares of Seojin Industrial Co.
Tower Automotive has acquired Seojin Industrial Co. Ltd., a supplier of components to the Korean automotive industry. Tower previously held a 66 percent equity interest in Seojin and acquired the remaining shares as part of a settlement of an outstanding note from the minority interest partner.
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.
Alcoa Named ‘Most Admired Company’ by Fortune Magazine
Alcoa has been named one of Fortune magazine’s “Most Admired Companies” in the magazine’s upcoming annual report on reputation. Alcoa is one of the world’s leading producers of primary aluminum, fabricated aluminum and alumina, and is active in all major aspects of the industry, including the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets.
Delphi Set to Trim 150 Tech Jobs
Auto-parts giant Delphi Corp. is shedding at least 150 well-paying technology jobs and will shift some of the work overseas to an Indian firm. The move is one step in the company’s effort to pare down its 500-person information technology staff. Troy, Mich.-based Delphi becomes just the latest multibillion-dollar corporation to move white-collar jobs to India or other lower-wage countries. The increasingly common development called offshoring has become a hot-button issue in the presidential campaign as jobs have been slow to return to the U.S. economy.
Clarcor to Relocate Corporate Headquarters
Filtration products supplier, Clarcor Inc. is relocating its corporate headquarters from Rockford, Ill., to Nashville, Tenn. The move is expected to take place over the next six to 12 months.
LKQ Enters Aftermarket Through GTA Acquisition
LKQ Corp., a nationwide provider of recycled OEM automotive replacement parts, has acquired Global Trade Alliance (GTA), one of the largest suppliers of aftermarket collision automotive replacement parts in the Midwest. GTA operates primarily as Action Crash Parts and Midwest Fender. LKQ paid $30 million for the acquisition, $1.5 million of which was in LKQ common stock and the balance of which was in cash and assumed debt.
Alcoa Returns Unit to Former CEO
Alcoa Inc. has finally found a buyer for its automotive fasteners business, agreeing to sell the unit more than a year after putting it on the block. The Pittsburgh-based company said it would sell the business to a group led by Robert Kaminski for an undisclosed price. Kaminski is the former CEO and owner of Continental/Midland, one of the fastener maker’s predecessor companies. Terms of the deal were not disclosed.