For more than a year Ford has said its ability to get auto parts for its operations in Venezuela have been hampered by the valuation of the Venezuelan bolivar, and made the accounting change effective Dec. 31. General Motors Co, Clorox, Procter& Gamble, Baker Hughes and Brink's have also taken hits to their respective bottom lines in the past year because of the...» Read More
Sept 9- Auto parts maker Delphi Automotive Plc said Chief Executive Officer Rodney O'Neal would retire in March and that Chief Financial Officer Kevin Clark would succeed him. Delphi also said Praxair Inc executive Mark Murphy would join the company in October, succeeding Clark as CFO.
FRANKFURT/ SHANGHAI, Aug 25- Three German car parts suppliers have been told by China they can no longer manage their Chinese units independently but need to form partnerships with local peers, the chief executive of auto parts maker ElringKlinger told a German newspaper.
NAGOYA, Japan/ TOKYO, Aug 24- When a Japanese carmaker issued a tender for shock absorbers a few years ago for a model it planned to sell in Indonesia, two suppliers came back with bids that were "so obviously coordinated," said an executive at the automaker.
Aug 22- American Securities LLC- backed auto parts maker Metaldyne Performance Group Inc filed with U.S. regulators for an initial public offering of its common shares. Merrill Lynch, Pierce, Fenner& Smith, Goldman Sachs and Deutsche Bank Securities Inc are the lead underwriters for the offering, the company said.
Aug 22- American Securities LLC- backed auto parts maker Metaldyne Performance Group Inc filed with U.S. regulators on Friday to raise up to $150 million in an initial public offering of common stock. Merrill Lynch, Pierce, Fenner& Smith, Goldman Sachs and Deutsche Bank Securities Inc are the lead underwriters for the offering.
FRANKFURT, Aug 21- For German car parts maker ZF Friedrichshafen its attempt to buy U.S. rival TRW will take the company to the front of the grid as the race to make cars ever more intelligent and connected splits the industry into those making commoditised components and system providers which put the driver in the back seat.
WASHINGTON, Aug 19- NGK Spark Plug Co has agreed to plead guilty and pay a $52.1 million criminal fine over its role in a conspiracy to fix prices and rig bids for spark plugs and other automotive parts, the U.S. Department of Justice said on Tuesday.
NEW YORK, Aug 19- Hitachi Metals Ltd, a producer of specialty steel and automotive parts, said on Tuesday it would acquire Waupaca Foundry Inc, the world's largest iron castings provider, from buyout firm KPS Capital Partners LP for $1.3 billion in cash. Hitachi Metals, which is listed in Tokyo, has a market capitalization of $7.3 billion.
Aug 18- Weak demand for alternative fuel vehicles and increasing competition in Europe are hurting Fuel Systems Solutions Inc at a time when its peers are riding a recovery in the U.S. auto industry.
Aug 18- Weak demand for alternative fuel vehicles and increasing competition in Europe are weighing on Fuel Systems Solutions Inc at a time when its peers are riding a recovery in the U.S. auto industry.
WASHINGTON, Aug 15- U.S. industrial production edged higher in July, as production of auto parts and motor vehicles jumped 10.1 percent, according to data released by the Federal Reserve on Friday. Industrial production rose 0.4 percent, which was unchanged from June. The June increase was previously reported at 0.2 percent.
China's recent anti-monopoly law enforcement may be less about targeting foreign companies than combating another potential threat: income inequality.
Aug 8- Canadian auto parts maker Magna International Inc reported a higher-than-expected rise in quarterly profit and raised its full-year sales forecast, helped by strong demand in North America and a continued recovery in Europe.
Aug 8- Magna International Inc, one of the world's largest auto parts makers, reported a higher second-quarter profit bolstered by robust demand in North America and continued recovery in Europe. Net income attributable to the company rose $510 million, or $2.32 per share, in the quarter ended June 30, from $415 million, or $1.78 per share, from a year earlier.
TOKYO, Aug 7- Auto parts maker Takata Corp said it expects a record net loss of 24 billion yen in the year to March 2015, hit by one of the biggest series of recalls in automotive history due to potentially explosive air bag inflators.
SHANGHAI/ BEIJING, Aug 7- China has suspended work at more than 200 factories in an eastern province for safety checks as part of a nationwide review following an explosion at an auto parts plant that killed 75 people, government officials and state media said.
Aug 6- Auto parts maker Visteon Corp reported an 11 percent rise in quarterly revenue and raised its full-year profit forecast as higher vehicle production boosts. The company raised its full-year earnings forecast to $2.98- $3.62 per share from $2.21- $3.09.
Aug 6- Auto parts maker Visteon Corp reported a 11 percent rise in quarterly revenue as higher vehicle production boosted sales of its climate control products. Visteon said $258 million of sales in its interiors business were reclassified as discontinued operations since it is divesting a majority of the business.
BEIJING, Aug 6- China has shut 214 factories for safety risks in a city where an explosion at an auto parts factory last week killed 75 people, state media said on Wednesday. Based about an hour's drive from Shanghai, Kunshan Zhongrong polishes wheel hubs for automakers including General Motors Co The blast is China's worst industrial accident in a year.
Emerging market currencies are likely to remain weak for the long term, and that's spurring a strategy shift, General Motors said.