GAAS Approved for University of the Aftermarket AAP and MAAP Credits
The upcoming Global Automotive Aftermarket Symposium (GAAS) has been approved for continuing education credits (CEU) by Northwood University’s University of the Aftermarket. The Symposium is scheduled for Tuesday and Wednesday May 20-21, at the Hyatt Regency O’Hare in Chicago. GAAS attendees will earn 1.0 CEUs toward the Automotive Aftermarket Professional (AAP) or Master Automotive Aftermarket Professional (MAAP) certifications.
Myers Deal Falls Through
From AFX News Limited AKRON, Ohio — Myers Industries Inc. said Friday private equity firm GS Capital Partners walked away from its plans to buy the rubber and plastics maker. In April 2007, Myers agreed to a takeover by the private equity unit of Goldman Sachs Group Inc. in a deal valued at $1.1 billion
For Dana, Leaving Chapter 11 is Just One Step in Long Process
At first approach, Dana Corp.’s Toledo, OH, headquarters looks out of place. The vast brick, columned building belongs in colonial times or on a college campus. The reception area — anchored by a 168-year-old grandfather clock and a broad, curving staircase — seems more like one at an inn rather than a corporation. But in a way, that makes sense for this 104-year-old company.
Cerberus Chief Is Forced Into Spotlight
The Independent – London By Stephen Foley NEW YORK — The secretive private equity billionaire Stephen Feinberg was forced into the public spotlight last week, called to a Delaware courthouse to explain why his firm, Cerberus Capital, was trying to wriggle out of a buyout deal agreed earlier in the year. Feinberg has obsessively guarded
Landmark Fuel Bill Set for Bush OK
From The Detroit News and MEMA Industry News WASHINGTON — President Bush is expected to sign an energy bill this morning that will raise passenger car fuel efficiency standards for the first time in more than two decades, ending an epic battle to require automakers to dramatically improve the fuel economy of the nation’s cars
Delphi Can Begin Bankruptcy Vote Process
Delphi Corp. can begin soliciting votes for its plan to exit bankruptcy, the company’s lawyer said on Friday, a major step toward letting the auto parts maker proceed with a restructuring that would shed thousands of jobs in plants across the country. Delphi attorney Jack Butler said bankruptcy judge Robert Drain verbally approved the order on Friday and that if all changes the judge requested meet his requirements, he would enter an order today. Delphi’s reorganization plan includes shrinking its unionized work force to a fraction of its former size and shifting manufacturing overseas.
Dana’s Post Bankruptcy Board of Directors to Include Political, Financial Leaders and Top OE, Aftermarket Execs
As it prepares to emerge from Chapter 11 reorganization, Dana Corp. has announced the names of nine executives who are expected to serve as members of Dana’s board of directors, after its bankruptcy proceedings have ended. The board, which has been selected by creditors and new investors, assembles distinguished leaders from government, finance and automotive backgrounds. Collectively, the board represents more than 170 years of automotive industry experience.
Judge OKs Sale of Delphi Brake Plant: TRW Deal Gives Saginaw Facility New Life
Delphi Corp. won a judge’s approval Thursday to sell its chassis business to a division of TRW Automotive Holdings Corp., breathing new life into a Delphi brake parts plant in Saginaw, MI, that this time last year faced the prospect of closure. The sale makes good on a promise made in June, in Delphi’s contract with the UAW, to keep that plant running by teaming up with Delphi’s former owner General Motors Corp. to find a buyer. It also brings the Saginaw plant, with 670 hourly workers, into a company that has kept its head above water during the industry’s challenging times.
Truck Accessory Companies Extang and TruXedo Acquired
Capstone Financial Group has completed the sale of its client, Extang Corp., a manufacturer of soft tonneau covers for light trucks, to an affiliate of Kinderhook Industries. In addition, Capstone represented Kinderhook in the purchase of TruXedo, another manufacturer of soft tonneau covers. Both transactions took place on Nov. 16.
India’s Mahindra & Mahindra Back in Race for Ford’s Jaguar, Land Rover
From AFX News Limited MUMBAI — India’s Mahindra & Mahindra, which had decided to pull out of the race to buy Ford Motor Co.’s loss-making Jaguar and Land Rover brands mid-September, has now revived its interest, The Economic Times reported, citing unnamed industry sources. Ford may welcome M&M’s re-entry as a result of increasing pressure