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Court Square Capital Owns 90% Of Delco Remy
Court Square Capital, a unit of Citigroup, announced that it has completed its buy of approximately $247 million in Delco Remy International shares that it had not previously owned. With the completion of this offer, Court Square Capital now owns about 90 percent of Delco Remy common stock.
DRI Acquisition LLC, a subsidiary of Court Square Capital, carried out the tender offer. DRI Acquisition accepted for purchase and payment all shares of Delco Remy Class A common stock not currently owned by Court Square at $9.50 per share, net to the seller in cash, which were validly tendered and not withdrawn as of the expiration of its tender offer. Approximately 9.72 million shares of the Class A common stock were validly tendered pursuant to the tender offer and not withdrawn.
Freightliner Woos Detroit Diesel Vehicle Buyers
Freightliner LLC plans to woo Detroit Diesel fans away from competitors who are no longer offering DDC engines.
Partly due to the acquisition of Detroit Diesel Corp. by DaimlerChrysler AG, Freightliner LLC’s parent company, Freightliner’s competitors in the North American heavy-duty truck market no longer plan to offer Detroit Diesel engines in their trucks.
Volvo announced last year that it would only offer Volvo and Cummins engines in its trucks, and Truckinginfo.com reported earlier this year that Kenworth and Peterbilt would soon stop offering Detroit Diesel engines.
As a result, within the next few weeks, Freightliner says it will unveil a new sales program targeted at previous Detroit Diesel customers who won’t be able to get the engines in other makes of trucks. The program will feature an incentive package for purchasing new Freightliner, Sterling or Western Star trucks equipped with Detroit Diesel Series 60 engines.
"Our upcoming sales program will offer tremendous benefits and exciting incentives to Detroit Diesel engine buyers currently running competitor trucks," said James Hebe, Freightliner LLC President and CEO. "We intend to show these Detroit Diesel customers the advantages of doing business with North America’s leading heavy-duty truck manufacturer."
McCabe Named Chairman Automotive Repower Council
Jerry A. McCabe has been elected chairman of the Automotive Repower Council (ARC). McCabe is vice president of marketing for Clevite Engine Parts division of Dana Corp. He is also director of marketing in the newly formed Under Hood Group of Dana Automotive Aftermarket Group.
In addition to his 26 years of automotive aftermarket industrial experience, he serves on the Board of Directors of the National Engine Parts Manufacturers Association (NEPMA) and is a past director of the Production Engine Remanufacturers Association (PERA).
"ARC’s primary objectives are clear," says McCabe. "They are educational. The wake up call to our industry is that only one in four motorists surveyed is aware of the repowering option, as opposed to other alternatives, when their vehicle has major engine trouble.
"The case has been well stated and documented in our new brochure and in collateral consumer releases through the media.
"I look forward to working with ARC’s Board of Directors and staff in our public awareness campaign and anticipate increased industry participation in this program during the coming year."
For more information about the Automotive Repower Council, visit its Web site at www.repower.org or call 866-4REPOWER.
Aftermarket Promotions And Appointments
Childs & Albert, Valencia, CA, announced that Bruce Walker is now sole owner of the company. Walker has implemented a state-of-the-art new millennium production manufacturing network that will improve time delivery and enhance customer service.
iCarumba has announced that Rick Devenuti, vice president and CIO of Microsoft Corp., has been appointed to iCarumba’s board of directors. As Microsoft’s CIO, Devenuti is responsible for world-wide internal technology infrastructure, corporate information and internal business systems.
BorgWarner Inc. has named George Strickler as its new executive vice president and CFO. He succeeds Larry Skatoff, who is retiring. Strickler most recently served as executive vice president and CFO of Lake West, a retail consulting firm, where he was responsible for managing its financial service practice and directing financial activities.
Clevite Engine Builder Challenge Series Winner
After three rounds of grueling head-to-head competition in Clevite’s Engine Builder Showdown, only Bob Cronin of CRD Engine Development and Mark Cronquist of Joe Gibbs Racing were left standing. The two builders met at Joe Gibbs Racing in Huntersville, NC, to face off in the final round on April 10, 2001. Not only was the $20,000 grand prize at stake but also bragging rights for the rest of the Winston Cup Season.
When all was said and done, Mark Cronquist stood alone as the 2001 Champion. Mark’s time of 20 minutes 58 seconds is a new record for the fastest build time.
This year’s Engine Builder Showdown competition kicked off with a roar at Daytona Beach, FL. The showdown attracted large crowds during the Circle Track Racing Expo as builders raced neck and neck to assemble their engines. Rounds two and three were held at Piedmont Community College, Charlotte, NC.
As a way to give race fans more access to the assembly of high performance engines and the skills of those who build them, Clevite sponsors the Engine Builder Showdown. This one-of-a-kind competition features NASCAR team engine builders who race head-to-head to see who can be the first to assemble a Ford SVO 5.8L engine from the ground up, connect it to a fuel source and run it for one minute.
AERA Vanguard Issues Final Call for Shop Kinks
If you have a time-saving, money-making or performance-enhancing shop tip that would benefit other machine shops, AERA’s Vanguard committee encourages you to submit it for the 2001 "Shop Kinks" contest. The contest is sponsored by Martin Wells Valve Seat Co.
Each Shop Kink entry submitted by a current AERA member is automatically eligible for the contest, provided it has not been used in previous contests. Photos, slides or a video must be included with each entry.
Winners will be announced during the AERA International Expo, June 21-23 in Orlando, FL. The first place winner will receive a free trip to an upcoming AERA convention and cash. Cash prizes will also be awarded for second and third place.
More information about the Shop Kinks competition is available at www.aera.org/Vanguard/kinks.htm, or by calling AERA at 847-541-6550
F-M Acquires 85% Stake in Polish Auto Parts Firm
The German arm of U.S.-based Federal-Mogul Corp. has reportedly agreed to purchase an 85-percent stake in Polish auto parts firm WSK Gorzyce. According to a Reuters news report, FMC acquired the interest in WSK for $18 million, and FMC plans to invest an additional $31.3 million in expansion at WSK. The deal awaits approval by Polish regulatory officials.
WSK, which currently supplies pistons to FMC, employs more than 2,500 employees at its Gorzyce, Poland location. Annual sales for 2000 were $50 million. WSK primarily manufactures pistons for gasoline and diesel engines, piston pins and alloy wheels.
Rebuilt Engines Star On "Crank And Chrome" Show
Millions of vehicle owners and technicians will see an unusual twist in the popular "Crank and Chrome" TV show. Program hosts Dave Bowman and Sam Memmolo will move their cameras from their new facility to a state-of-the-art machine shop. Viewers can follow the entire engine rebuilding process from the initial cleaning of the old components to final testing of the rebuilt engine.
The half-hour show, sponsored by the Automotive Repower Council (ARC), airs on TNN on June 9 and 10 and September 8 and 9 (check local listings).
"We’re showing viewers how repowering a vehicle that needs major engine repairs often is a more intelligent option than trading," says Bowman. "The rebuilding procedure is meticulous and final testing of the finished product supports ARC’s claim that one can expect a rebuilt engine to be as good as or better than the same engine was when the vehicle was new."
For more information about the Automotive Repower Council or a free copy of the brochure, "Sticker Shock?", visit its Web site at www.repower.org or call 866-4REPOWER. The subject also is covered on "Crank and Chrome’s" Web site, www.crankandchrome.com.
AftermarketNews.com Names New Personnel
AftermarketNews.com has named a new editor, associate publisher and group publisher. In addition, the Babcox search engine for the automotive aftermarket, AftermarketWorld.com, has a new director.
Jon Owens was named associate publisher of AftermarketNews.com. Owens, who will remain associate publisher of Counterman as well, will manage the day-to-day sales and marketing operations of AftermarketNews.com, which currently reaches more than 5,000 aftermarket executives.
Brian Cruickshank has assumed the role of AftermarketNews.com editor and will continue his duties as Counterman editor, a role he has had since 1999. Marc Vincent remains managing editor of AftermarketNews.com. Twenty-nine-year industry veteran Kathleen Schmatz will oversee the project as group publisher.
Former AftermarketNews.com editor Gary Molinaro was named director of AfterMarketWorld.com, a comprehensive Internet-based search engine that allows members of all segments of the $250 billion aftermarket find what they need — quickly, efficiently and effectively.
Dana Forms Its New Auto Under Hood Group
Dana Corp. has announced formation of the Automotive Aftermarket Under Hood Group. According to Terry McCormack, president of Dana’s Automotive Aftermarket Group, this realignment of people, assets and systems will sharpen the company’s focus on strengthening its Under Hood brands, product offering and customer service.
The Automotive Aftermarket Under Hood Group consists of Wix Global Filtration, the Engine Management Division (BWD Automotive selling the Niehoff, NAPA Echlin and Borg Warner brands, Beck/Arnley Worldparts), the Clevite Engine Parts Division, and Dana World Trade. John Washbish serves as president of the newly formed group, reporting directly to Terry McCormack.
Johnson, Verwilst Depart Federal-Mogul Corp.
Federal-Mogul Corp. executives Alan Johnson and Mike Verwilst have left the Southfield, MI-based manufacturer.
Sources at Federal-Mogul said that Johnson, who was executive vice president of North America and Asia, has "left to pursue other opportunities."
As part of an overall organizational strategy, Johnson's position was eliminated. His North American and Asian responsibilities have been reassigned to president and CEO Chip McClure.
Verwilst's position as senior vice president of powertrain systems for North America will be filled by senior vice president Kevin Baird, who is currently working in Europe as vice president of powertrain systems.