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.
The highest read article on aftermarketNews (AMN) this week brought news that Japan-based big box parts retailer Autobacs will buy Strauss Discount Auto out of bankruptcy. Autobacs has offered to pay up to $45 million in cash for Strauss’ assets and plans to put an additional $10 million into the business following Strauss’ exit from bankruptcy protection. More than 90 Strauss Discount Auto stores located around New York and Philadelphia would be acquired in the buyout.
Two other acquisition news items were among the top stories on AMN this week. The much-talked about spin-off of Siemens VDO from parent company Siemens AG has been pushed back a month. A spokeswoman for the company said automotive supplier division will legally separate from Siemens AG on June 1, instead of May 1 as originally planned, because there are still details yet to be worked out.
On Wednesday, it was announced that ITOCHU Group was increasing its investment in Akebono. ITOCHU Group redeemed its 40 percent interest in Amak Brake L.L.C., one of Akebono’s North American subsidiaries, and at the same time purchased a 20 percent stake in Akebono Brake Corp. in a move that is expected to increase Akebono’s aftermarket distribution efficiencies, according to the company.
Readers were also interested to learn this week that DENSO was recognized as a GM Supplier of the Year. DENSO was recognized for its heating, ventilation and air conditioning (HVAC) system, windshield wipers, fuel injectors and navigation system.
In the world of marketing and promotions, AMN readers showed a high level of interest in the details of NAPA Chassis’ new “Extreme Backyard” promotion. Extreme Backyard, the latest promotion in NAPA Chassis’ Extreme Campaign, awarded $5,000 each to four regional winners to help spruce up their home backyards. The Extreme Campaign made winners out of eight other service dealers from across the country last year in the Extreme Sports and Extreme Home Garage promotions.
To view all of the news from the past week, simply click on the link for each corresponding day:
