ArvinMeritor Announces Plans to Divest Light Vehicle Aftermarket and Coil Coating Businesses
ArvinMeritor today announced that it plans to divest its Light Vehicle Aftermarket (LVA) business group and to take a non-cash goodwill impairment charge of $190 million, or $2.77 per diluted share, in its LVA business in the fiscal fourth quarter of 2004.
Oxford to Skip Bond Payment, Cut Workers
Auto supplier Oxford Automotive Inc., beset by heavy debt, struggling North American plants and rising steel prices, is six months behind on reporting its finances to the SEC. The company plans to lay off nearly 200 people in Michigan and has been unsuccessfully shopping itself around for sale for several months, say automaker officials and supplier experts familiar with the company.
Info on Car Safety Off-Limits to Public
The federal agency that oversees auto safety has decided — based largely on arguments from automakers and their Washington, D.C., lobbyists — that reams of data relating to unsafe automobiles or defective parts will not be available to the public. Specifically, the government has banned the release of car and truck warranty-claims information, customer complaints and early-warning reports about defects from dealers, automakers and rental car companies, even if media outlets or other groups push for it under the Freedom of Information Act.
Delphi Steering Names New Finance Director
Delphi Corp. has named David Knill the new finance director for Delphi Steering, headquartered in Saginaw, Mich. In this new assignment, Knill joins the division’s executive staff and reports to Robert Remenar, Delphi vice president and president of Delphi Steering.Knill succeeds Doug Gruber, who was recently named business line executive for electrical/electronic distribution systems at Delphi Packard.
DST Asks: Does Your Business System Include Enhancements to Help Manage and Collect Outstanding Receivables?
Regardless of the size of your business, accounts receivable collections and credit management are a never ending task. Having proper credit and collections procedures in place that are solely dependent upon the utilization of your personnel’s time can be a costly endeavor. Technology can dramatically reduce those costs.
Goodyear CEO Expresses Confidence in Tiremaker’s Recovery
Addressing hundreds of people at an Akron, Ohio, Roundtable lunch last week, Robert Keegan, chairman, president and CEO of the Goodyear Tire & Rubber Co., told attendees that Goodyear would bounce back from its recent financial hardships.
Collins & Aikman Ends Inquiry, Shares Rise
Collins & Aikman Corp. on Thursday said it completed an internal accounting inquiry and will not restate previously issued financial statements, sending its shares up 18 percent. The company also said its fourth-quarter loss more than tripled to nearly $10 million. Last August, the Troy, Mich., company said it was investigating business transactions between the company and two of its directors, just days after its CEO resigned.