The Week in Review (July 2-6, 2007)
By Amy Antenora Editor The Week in Review offers a snapshot of the most 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
Delphi, Union Reach Tentative Wage Pact
From AFX News Limited DETROIT — Struggling auto parts maker Delphi Corp. reached a tentative wage-cutting agreement Friday with its largest union in what may set the pattern for future pay in the U.S. automotive parts industry. The deal, which still must be voted on by Delphi members of the United Auto Workers, was signed
Federal-Mogul to Seek Court OK: Hearing Today is on Firm’s Bankruptcy Exit Plan
After spending nearly six years in bankruptcy protection to settle hundreds of thousands of asbestos lawsuits, Federal-Mogul Corp. is due in a Delaware court Monday for the last major hearing in its bankruptcy case. The Southfield, MI-based auto-parts maker will ask U.S. Bankruptcy Judge Judith Fitzgerald to approve its reorganization plan, putting the company on the path to exit bankruptcy.
Buyer Cerberus Launches First Foray Into Automaking
The $7.4 billion buyout of DaimlerChrysler AG’s Chrysler Group by Cerberus Capital Management LP is a watershed for the struggling U.S. automotive industry. For the first time in decades, a domestic auto company will be operated in private, not under the scrutiny of shareholders. It is unknown how the buyer will handle Chrysler and its premier Toledo, OH-born Jeep brand, but the purchase will enlarge Cerberus’ stable of more than 45 firms.
Siemens Receives Several Bids for Complete Takeover of its VDO Unit
Siemens AG has received several highly priced offers for a complete takeover of its VDO automotive unit, Manager Magazin has reported. Continental AG has offered just under $15 billion for VDO and U.S. car parts supplier TRW Automotive has also submitted a bid, the report said.
The Week in Review (May 14-18, 2007)
By Amy Antenora Editor The Week in Review offers a snapshot of the most 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
Siemens CEO Kleinfeld Says Preparation for Automotive IPO ‘On Schedule’
Siemens AG Chief Executive Klaus Kleinfeld said the company’s preparations for an initial public offering (IPO) of its VDO Automotive unit were progressing "on schedule." "This is a very attractive business, not only for us, but also for others," Kleinfeld said at a press conference in Munich. Siemens in January said it wanted to list a minority stake in the business, but it did not state an exact date for the IPO, which is expected to take place this calendar year.
Delphi Investor Hasn’t Pulled Out
A key investor in Delphi Corp.’s plan to exit bankruptcy protection says it has not pulled out of the deal as expected by the troubled auto parts supplier. Delphi officials said April 19 that the company had been told that Cerberus Capital Management LP would leave a consortium of investors who would pump up to $3.4 billion into the company in exchange for new shares of Delphi stock. Nearly a week later, Cerberus spokeswoman J.J. Rissi in New York said that has not happened.
Tower Automotive on Path out of Chapter 11
It’s been a nerve-jangling ride for Tower Automotive and its president and chief executive officer, Kathleen Ligocki, but the Novi, MI-based automotive supplier is poised to climb out of Chapter 11 bankruptcy this summer, making it the largest of the recently bankrupt auto suppliers to emerge.
The Week in Review (April 2-5, 2007)
By Amy Antenora Editor The Week in Review offers a snapshot of the most 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