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 the page to begin catching up on the latest industry news.
Federal-Mogul is inching ever nearer to the end of its bankruptcy proceedings, and aftermarketNews readers were very interested to learn this week that Federal-Mogul’s bankruptcy plan is being favored by creditors. A report from the Wall Street Journal noted that the company’s Chapter 11 plan received a 94 percent-or-better vote of support from 200 classes of creditors.
Federal-Mogul again made it to the list of highest read news stories this week when it released its first quarter financial results. Federal-Mogul reported net income of $5 million for the quarter ended March 31, a 7 percent increase in sales, improved gross margin, reduced selling, general and administrative expenses and reduced impairment and restructuring charges.
AMN readers were also interested in the financial results that another aftermarket company released this week. Genuine Parts Co. (GPC) saw record sales and earnings in the first quarter. The company announced first quarter sales totaling $2.65 billion, up 4 percent compared to the first quarter of 2006.
On the executive front, AMN readers this week showed a high level of interest in the latest personnel change at Affinia Group. The Ann Arbor, MI-based parts maker announced today that Tom Rafferty has been tapped to serve as director of program group distribution for Affinia. Rafferty will be responsible for all aspects of Affinia’s program group business, including retention, development and growth of existing group customers. He will also manage product and marketing programs and serve as liaison between group headquarters offices and Affinia.
To view all of the news from the past week, simply click on the link for each corresponding day:
