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.
This week brought promising news of a turnaround for two major Detroit automakers. On Monday, it was announced that private equity group Cerberus Equity Management will buy 80.1 percent of Chrysler Group from DaimlerChrysler for $7.4 billion. Cerberus plans to invest $5 billion in the new Chrysler and $1.05 billion in Chrysler’s financial arm. The remaining $1.35 billion will go to DaimlerChrysler, the companies said.
Also this week, Ford CEO Alan Mulally told shareholders that the company’s “Way Forward” turnaround plan is moving along. Mulally said Ford was taking "painful but necessary steps" to streamline costs and bring more accountability to the company with the goal of building "more of the products that people really want and value."
In other acquisition news, it was announced today that Oviedo, FL-based ROL Manufacturing is buying Corteco’s Traditional Aftermarket Business. The businesses to be sold, currently owned by Freudenberg-NOK, include the assets in the U.S., Canada and Mexico which are related to Corteco Engine Gaskets & Seals, Omega Power Steering Hose, and MounTec Engine and Transmission Mounts. Closing of the sale is expected to take place next month.
On the financial front, AMN readers were interested to learn more about United Components 2007 first quarter results. The company reported revenue of $238.8 million for the first quarter, an increase of $24.3 million over the year-ago quarter.
AMN readers were also curious to learn how Advance Auto Parts fared in the first quarter. The auto parts retailer reported that first quarter sales increased to $1.47 billion from $1.39 billion last year.
To view all of the news from the past week, simply click on the link for each corresponding day:
