The Week in Review (Nov. 17-21, 2008) - aftermarketNews

The Week in Review (Nov. 17-21, 2008)

The Week in Review offers a snapshot of the most highly 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, just click on the link that says "News Archives" at the bottom of the page to begin catching up on the latest industry news.

Several of this week’s top stories revolve around the current auto industry crisis being discussed on Capitol Hill this week. Among our top stories this week came news of two automakers selling off portions of their businesses in order to stretch their dwindling finances a little longer.

On Monday, General Motors announced it would sell its entire stake in Suzuki Motor Corp. for $230 million. Suzuki said it would buy back the 3.02 percent stake from GM. The two will reportedly continue their business partnership in some fashion, according to the Associated Press.

This week, Ford also announced that it is selling a portion of its ownership stake in Mazda Motor Corp. Reducing the ratio of its ownership in Mazda stock from 33.4 percent to just over 13 percent, Ford will net approximately $540 million.

Nearly 100 suppliers to the automakers wrote a letter to the House and Senate calling upon Congress to provide immediate financial assistance to the auto industry and to include the supplier industry in any options. The letter also urged establishment of a loan program for vehicle manufacturers and suppliers and expressed opposition to efforts to cap the amount of loans available to suppliers in the current Department of Energy loan program. Yesterday and Wednesday, auto and supplier execs gave testimony detailing the severity of the financial crisis in the industry. They were told by lawmakers to create a plan establishing “accountability and viability” by Dec. 2, in order to receive financial support from the government.

In other financial news, Genuine Parts Co. this week increased the number of shares of its common stock authorized for repurchase by 15 million shares. The company’s share repurchase program originally authorized the repurchase of 15 million shares in August 1994, April 1999 and August 2006, for a total authorization of 45 million shares.

Rounding out our top five news stories of the week comes news of a new VP at Advance Auto Parts. Morgan Schafer, who joins Advance from the restaurant and retail industries, has been named regional vice president. He will report to Derrick Thomas, senior vice president of operations.

 

 

 

 

 

You May Also Like

Monroe Releases New Part Numbers in February

Parts expansion covers more than 13 million VIO in the U.S. and Canada.

Monroe shocks and struts, a global brand from Tenneco's DRiV group, has launched new part numbers in the month of February, including its new OESpectrum shock and mount assembly, designed to save installation time. New part numbers also include Monroe conversion kits, Quick-Strut assemblies, OESpectrum light truck shocks, and Magnum RV shocks. In total, this represents coverage for more than 13 million vehicles in operation (VIO) in the United States and Canada.

Hankook Tire Named MCoR Series Sole Tire Supplier

All vehicles to be equipped with two types of Hankook Ventus tires.

JNPSoft OptiCat Names Director of Sales

Mark Nasra joins the company with more than 20 years of automotive experience.

Osram Sylvania Makes Major Investment at Hillsborough Plant

Osram Sylvania says the investment will enhance the company’s production and distribution and bring 75 to 100 new jobs to Hillsborough, NH.

dott. and MESH/diversity Partner on Aftermarket DEI Solution

The offerings are designed to help leaders create a custom blueprint for scalable and sustainable organizational change.

Other Posts

NGK/NTK, Autel Tools Collab on Webinar Series

The series consists of six 60-minute webinars that dig deep into system diagnostics of domestic and import vehicle models.

Marelli Wins Global Contract With Major Carmaker

Marelli will supply the Battery Management System (BMS) for a major global carmaker’s future small-medium BEVs.

MAHLE Aftermarket Extends Partnership with Casey Currie 

Currie regularly participates in off-road competitions and exhibitions as a member of the MAHLE engine parts test team.

SEMA Sponsors ZEV Conversion Rebate Bill in California

The bill will offer eligible Californians a rebate of up to $2,000 to convert their gas-powered vehicle into a ZEV.