Intellectual Property Rights Bill Introduced in Senate
Sens. George Voinovich (R-OH) and Evan Bayh (D-IN) introduced the Intellectual Property Rights Enforcement Act in the Senate yesterday. The bill has bipartisan support, and the Motor and Equipment Manufacturers Association (MEMA) has joined with other groups in working with Senate staff on the bill. The measure makes improvements to the current structure for intellectual property (IP) enforcement in federal enforcement.
Visteon Completes Independent Accounting Review
Visteon today announced that the Audit Committee of its board of directors has completed its independent review of the accounting for certain transactions relating to the company’s North American purchasing group. Based on the results of this review, the company concluded that its financial statements for the years ended December 31, 2004, 2003 and 2002 included in its 2004 Form 10-K (and the related 2004 Management Report on Internal Control Over Financial Reporting) should no longer be relied upon, and that restatements will be required for these periods.
Quick Hits from the Production Engine Remanufacturers Association (PERA)
A copy of the 2005 PERA Membership Directory has been mailed to all current PERA members.
Statement Says Hercules Getting Equity Group Help
A press statement issued yesterday by FdG Associates, a private equity company based in New York City, indicated that it is assisting Hercules Tire & Rubber Co. to “recapitalize its business in partnership with management.”
Out of the Ordinary: Executive Interview with Tom Dattilo, Cooper Tire & Rubber President and CEO
To get a sense of Cooper Tire & Rubber Co. and its chairman, president and CEO, you need look no further than Tom Dattilo’s corner office. Unlike the vistas other captains of industry enjoy from their lofty perches, Dattilo’s third-floor office overlooks Oler’s Drive Thru, a convenience store that stands as a stark reminder of who the real boss is – the retail customer.
Tire Rack Patriarchs Announce Retirement Plans
Tire and wheel wholesaler and mail-order/Internet retailer The Tire Rack will be going through a transition. Company founders and patriarchs, Peter and Wilma Veldman, have announced their intention to retire from day-to-day operations of the Tire Rack to focus more attention on their charitable interests, according to the South Bend, Ind., company.
Automakers Head for Shanghai Auto Show
Top world automakers will showcase new models in China’s commercial center of Shanghai next week in hopes of reviving languishing domestic sales. General Motors Corp., Ford Motor Co. and other major industry players will be showing dozens of vehicles at the Auto Shanghai 2005 trade show, part of Shanghai’s push to establish itself as hub for the world auto industry.
Canadian Tire Announces New Five-Year Strategic Plan
Canadian Tire has introduced its 2005-2009 strategic plan, which includes establishing up to 285 new and replacement retail stores, to shareholders. The strategic plan, according to the company, focuses primarily on five “imperatives” for all business lines. They include: growing sales and revenues, improving earnings performance, embedding a “customers for life” culture, extending growth and performance beyond 2009 and enhancing “value creation” through “financial flexibility and maximization of real estate assets.”
Johnson Controls Elects Jeffrey Augustin Vice President and Corporate Officer
Jeffrey Augustin has been named corporate controller for Johnson Controls Inc. (JCI). Augustin was elected as a vice president and corporate officer. In this role, Augustin will focus on the financial performance of the business and be responsible for the company’s financial reporting, establishing accounting policies and practices, ongoing Sarbanes-Oxley compliance initiatives, as well as other related functions. He reports to R. Bruce McDonald, vice president and assistant chief financial officer.
Ford Deal to Save Visteon $390 Million
After more than six months of negotiations, Visteon Corp. has reached a partial agreement with former parent Ford Motor Co. that will save the struggling parts-maker at least $390 million in 2005. Ford agreed to buy some equipment for Visteon, pick up almost one-fourth of the cost of UAW members’ wages and pay for parts more quickly. Visteon agreed to “continue uninterrupted supply to Ford and to comply with contractual agreements with Ford and the UAW,” according to a company statement. The deal took effect Thursday, Ford said.