Tim Leuliette Elected President and CEO of DURA Automotive Systems; Larry Denton Steps Down
DURA Automotive Systems announced today that its board of directors has named Timothy Leuliette president and CEO, effective today. He succeeds Larry Denton, who elected to leave the company after successfully leading DURA through a 20-month reorganization and emergence from Chapter 11.
Affinia
In an effort to provide more focus on enhanced efficiency and responsive customer relationships, Affinia Group has announced it is “retooling” the company’s organization with the assignment of focused global responsibilities to presidents of Global Filtration and Global Brake & Chassis business units. Keith Wilson will continue to serve as president, Global Filtration, while H. David Overbeeke, a senior executive with an extensive financial and management background largely with GE, has joined Affinia as president, Global Brake & Chassis. Overbeeke fills the role previously held by John Washbish, former president of Affinia’s Under Vehicle Group.
DURA Emerges from Chapter 11
DURA Automotive Systems has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements of its Revised Joint Plan of Reorganization, including successfully closing its exit financing facilities and filing associated documentation. In conjunction with its emergence, the company also announced its new board of directors.
LIVE FROM GAAS: Respecting Cultural Norms is Key When Doing Business in New Markets
by Amy Antenora CHICAGO — Mirroring similar comments made earlier in the day at the 2008 Global Automotive Aftermarket Symposium, Ernst & Young’s (E&Y) Mike Hanley stressed the importance of respecting cultural norms when looking to do business in another country. This was just one of the many recommendations he made during his presentation on
Jeff Rachor and MSD Capital Form New Automotive Retail Venture
NEW YORK and CHATTANOOGA, Tenn. — MSD Capital L.P., the private investment firm for Michael Dell and his family, and automotive retail industry veteran Jeffrey Rachor have joined together to form MSD Automotive Partners LLC, which will exclusively own and operate premier car dealerships across the United States. Rachor, who recently resigned as CEO of
The Week in Review (April 28 – May 2, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, just click on the link that says "News Archives" at the
OEM Components, U.S.A. Switch Acquire Rostra Precision Controls
WIXOM, Mich. — OEM Components and U.S.A. Switch Inc., manufacturers of automotive transmission and engine management electronics and controls, have acquired Rostra Precision Controls, Inc., a leading supplier of transmission components, cruise control systems, rear obstacle sensing systems and electronic controls for the automotive and heavy truck aftermarket. Rostra also supplies OEMs with its products.
Delphi Turnaround Plan Will Take Time Says Miller
Delphi Corp. Executive Chairman Steve Miller says the auto parts maker’s turnaround plan is generating $20 billion to $30 billion per year in new business that will be an engine of growth for the company when it exits bankruptcy protection. Leaving Chapter 11 will take more time, however. In the face of declining U.S. auto sales, tight capital markets have made investors wary about the Troy, Mich.-based company, making it difficult to pull together the financing it needs.
CCC Information Services, Mitchell International to Merge
CCC Information Services Inc., of Chicago , Ill. , and Mitchell International, Inc., of San Diego , Calif. , have signed a definitive agreement under which they will combine in a merger-of-equals transaction valued at $1.4 billion. CCC and Mitchell are each privately held. The combined enterprise, which will be known as CCC-Mitchell Inc., will be a leading provider of information, workflow management systems and integrated software to insurance companies and collision repair facilities.
The Week in Review (April 7-11, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of