Automotive industry company news
The bankruptcies of Chrysler and GM may have completed relatively quickly, but the pain in the auto parts industry is still a long way from being healed. Private equity auto parts investors say that the restructuring of the two big auto companies has removed a lot of uncertainty from the equation.
Now that Chrysler's Chapter 11 restructuring process is well in hand, though hardly without further pain, beady eyes are now sharply focused on General Motors which has roughly two weeks to make a pact with bondholders and the United Auto Workers union or follow its smaller US rival into the hands of bankruptcy court.
Since being rolled out by the Sumerians in around 3500 BC, the wheel has been constantly re-invented. Styling flexibility, reduced weight and high quality are just some of the requirements automakers expect from their wheel suppliers today, writes Matthew Beecham.
Times may seem hard for suppliers in North America, but analysis released by Edmund Chew’s AutoBusiness suggests that some suppliers have enjoyed earnings growth in 2002. However, AutoBusiness believe that earnings growth in 2003 could be restricted by a softening North American vehicle market in 2003. They also say that strategies for long-term success are continuing to evolve as lessons from the late 1990s continue to be absorbed.
Hayes Lemmerz International Inc is a major global supplier of automotive and commercial highway wheels, brakes and powertrain components. Over the last decade, the company has expanded geographically, broadened its product range and branched out to supply heavy truck makers. Continuing just-auto’s series of Q&As with automotive component manufacturers, Matthew Beecham talked to Fred Bentley, Chief Operating Officer, President of the Global Wheel Group, Hayes Lemmerz International Inc.
Iochpe Maxion has promoted Pieter Klinkers to CEO of Maxion Wheels, effective 1 March, 2015.
Luxury electric vehicle (EV) maker Fisker Automotive has appointed Jim Yost as chief financial officer.
Lear Corporation has elected Henry Wallace as non-executive chairman of the Board of Directors with immediate effect.
Ford is adding 13 new companies to its Aligned Business Framework (ABF), bringing to 90 the total number of key component and service suppliers.
Wheelmaker Hayes Lemmerz International has emerged from its voluntary Chapter 11 bankruptcy reorganisation. The 101-year-old company had filed for bankruptcy in May.
Hayes Lemmerz International has reached an agreement with its lenders and unsecured creditors on the terms of a plan of reorganisation. The wheelmaker said bankruptcy court had approved the company’s disclosure statement incorporating the terms of the agreement.
A shake out in the automotive supplier industry caused by the economic crisis will lead to good news for some businesses, according to a leading management consulting firm which said European and Chinese companies dominate a list of more than 350 automotive suppliers likely to emerge as winners in the global consolidation of the sector.
The US Bankruptcy Court in Delaware has authorised Hayes Lemmerz International, which filed for Chapter 11 bankruptcy protection last month, to obtain post petition secured financing of up to US$100m of new liquidity to fund operations.
Hayes Lemmerz International has received court approval of up to US$100m of debtor-in-possession financing, permitting it immediate access to up to $30m to continue operations in the ordinary course of business.
Steel and alloy wheel supplier Hayes Lemmerz International has filed for Chapter 11 bankruptcy protection after agreeing a pre-negotiated restructure with its lenders.
Fitch Ratings has placed seven US auto industry suppliers on a ratings watch because of the threat of the potential bankruptcy filing by General Motors. Fitch added that in its opinion a GM bankruptcy would be followed by a similar filing at Ford.
The European Automotive sector is accelerating away from its North American rivals, according to research by the corporate finance team at Houlihan Lokey. It is not only Europe’s car manufacturers who are winning the race, the top 20 European supplier groups are also shifting up a gear, making more acquisitions and significantly fewer divestitures.
Alloy wheel specialist Hayes Lemmerz International has reported fiscal first quarter (30 April) sales of US$573.8m, up 15% year on year. Adjusted EBITDA improved 9% to $54.6m and core operating earnings (excluding discontinued operations and restructuring charges) improved to $25.2m from $21.1m a year earlier. The net loss for the quarter improved slightly to $12.8m, compared with a loss of $15.3m a year ago.
Wheels specialist Hayes Lemmerz International will close its aluminium wheel facility in Gainesville, Georgia by the end of December 2008.
Brake maker Brembo posted a more than 20% rise in its third-quarter core profit on higher revenues on Tuesday, and announced a widening of its supply agreement with BMW.
Hayes Lemmerz International and Brembo on Friday announced the sale of Hayes Lemmerz' automotive brake components division to Brembo North America.
Hayes Lemmerz International has named James Yost to the new post of executive vice president and chief financial officer.
Hayes Lemmerz International has sold wholly-owned subsidiary, MGG Group BV to an affiliate of the ECF-Group, a privately held company based in Switzerland and The Netherlands.
Wheel, brake and powertrain components maker Hayes Lemmerz International on Tuesday day announced estimated results for the fiscal year 2007 first quarter and issued updated guidance for the full fiscal year of 2007.
Hayes Lemmerz International Indian subsidiary Kalyani Lemmerz has completed the expansion of its commercial vehicle steel wheel facility, bringing annual capacity to 800,000.
Hayes Lemmerz International reported an operating loss for the fiscal third quarter ended 31 October of $US27.6m, compared with a profit of $16.8m in the third quarter of 2005.
Hayes Lemmerz has reported that its sales for the second quarter ended July 31, 2006 were US$583.4m, up 4.9% from $556.0m a year earlier.
Hayes Lemmerz International German subsidiary, Hayes Lemmerz Holding, has signed a licence agreement with Tolyatinskiy Zavod Stalnih Kolyos (TZSK) of Togliatti, Russia, to use the western company’s technology to make steel wheels for Russian passenger car manufacturers.
Automotive components maker Hayes Lemmerz International has reported earnings from operations for the fiscal first quarter down to $7.4m from $13.2m a year earlier.
Hayes Lemmerz has been unable to file its annual report on Form10-K on time, according to Reuters.
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