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TENNECO ACQUIRES FEDERAL MOGUL

TENNECO ACQUIRES FEDERAL MOGUL

Emission parts firm Tenneco has acquired Federal Mogul from Icahn Enterprises in a deal valued at $5.4B.

Following the acquisition, Tenneco has also announced its intention to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders; establishing,  ‘Aftermarket & Ride Performance Company’ and ‘Powertrain Technology Company’. The agreement is expected to complete in the second half of 2018, subject to regulatory and shareholder approvals with the separation taking place in late 2019.

Brian Kesseler, CEO of Tenneco, said: “Federal-Mogul brings strong brands, products and capabilities that are complementary to Tenneco’s portfolio and in line with our successful growth strategies. Unleashing two new product focused companies with even stronger portfolios will allow them to move faster in executing on their specific growth priorities.”

Carl C. Icahn, Chairman of Icahn Enterprises, added: “Icahn Enterprises acquired majority control of Federal-Mogul in 2008 when we saw an out-of-favor market opportunity for a great company. I am very proud of the business we have built at Federal-Mogul and agree with Tenneco regarding the tremendous value in the business combination and separation into two companies. We expect to be meaningful stockholders of Tenneco going forward and are excited about the prospects for additional value creation,” he concluded.

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VISION OF THE FUTURE: NEW BRANDS FOR ELTA AUTOMOTIVE

VISION OF THE FUTURE: NEW BRANDS FOR ELTA AUTOMOTIVE

Midlands-based supplier Elta Automotive has announced the introduction two new brands, VisionPro and VXPro catering for lighting and engine management products respectively.

The company has been best known over the years for being a licensee of the Lucas brand, but a push to get the firm’s into new markets in Europe, and into the hands of new technicians domestically, has led to the introduction of the new ranges which the company says are aimed at the upper end of the aftermarket.

In the case of ignition products, each unit will be shipped in an anti-static bag and the carton will contain fitting notes.

“In this, our 25th year, we are taking a strategic step to address what we believe is a great opportunity for independents within the sector,” said Ian Hallam, MD at the firm. “As the market has evolved and the influence of the big buying groups increased, independent factors and their workshop customers need to have access to a premium quality brand they can call their own”.


The firm will continue to be a Lucas licensee and products under that brand will be unaffected by the new introductions.

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OSRAM AND CONTINENTAL SIGN TECH JV DEAL

OSRAM AND CONTINENTAL SIGN TECH JV DEAL

German parts giants Continental and Osram have signed a joint venture based on sharing technology and expertise in automotive lighting and electronics.

The deal, in which both companies have an equal share, is set to come into effect in the second half of 2018 following approvals.

Osram Coninental GmbH as the JV will be known, will have Dirk Linzmeier from Osram as CEO and Harald Renner from Continental as CFO.

“We want to actively drive forward technological change in the lighting market within the automotive industry and develop even more innovative and intelligent lighting solutions. The joint venture will help us to establish the conditions for this since it combines our expertise in software and electronics with Osram’s automotive lighting expertise. As such, we will be able to offer our customers an unrivaled portfolio in the lighting market,” said Andreas Wolf, head of Continental’s Body & Security business unit.

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GKN MELROSE: POLITICAL REACTION TO HOSTILE TAKEOVER

GKN MELROSE: POLITICAL REACTION TO HOSTILE TAKEOVER

Melrose Industries has narrowly won its hostile takeover bid for GKN.

Following a ten-week battle that saw a war of words from GKN management as well as a number of alternative deals on the table, including a proposal from car parts maker Dana, the shareholders decided by a margin of 52 percent to sell to Melrose.

Despite assurances from Melrose, fears that the new buyer will simply wage a campaign of asset stripping as the takeover promises £8bn to be returned to shareholders, which will inevitably involve selling off parts of the business. Apart from car parts, GKN produces aviation components and has a number of defence contracts, leading to some speculation in the mainstream press that the deal might be stopped on national security grounds.

Business Secretary Greg Clark sought assurances from Melrose, saying that no company was ‘immune’ from takeover. Critics were keen to point out that such ‘assurances’ mean little in law, as was demonstrated when Kraft went back on promises made to Cadbury in 2009.

However, Defence Secretary Gavin Williams appears not to share Clark’s lasse-fare opinion, as he is reported as having ‘serious concerns’ about such a deal.

Former Defence Secretary [and owner of Haymarket Group] Lord Heseltine is quoted in the FT as saying that ‘no other country of our sort’ would allow the deal to go through.

Labour’s Jeremy Corbyn has said that the deal ‘must be stopped’ and that it does not make any sense ‘to put the interests of city speculators over the national interest’.

On completion of the deal, the Head Office in Reddich is tipped to be the first part of the operation to close.

 

 

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RING LAUNCHES EUROPEAN OFFICES

RING LAUNCHES EUROPEAN OFFICES

Lighting and accessories brand Ring Automotive has invested £200,000 in a Paris office which is now open for business.

The expansion is part of the firm’s product development plans, that has led to some new appointments within its international team.

Carlos Carrido, Stephan Schneider and Sebastien Richir have been appointed as Sales Managers to improve exports to customers in countries including Spain, Portugal as well as Germany, Austria and Switzerland. Richier will join Ring’s International Business Director Gonzalo Vargas-Zuniga Cruz at the EU office in Le Dome, part of the Roissypole complex of buildings at Roissy Charles de Gaulle International Airport, while the other recruits will work across the continent and have access to the HQ as and when required.

“Approximately a quarter of our sales can be attributed to exports giving some indication of the opportunity that extending our presence across Europe represents,” said Cruz. He concluded. “We know that our sales channels and performance across these markets has significantly improved over recent years and this investment will further reinforce our commitment as we build our portfolio of customers.”

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DANA MAKES BID FOR GKN

DANA MAKES BID FOR GKN

U.S-based car parts maker Dana has made a bid for embattled engineering giant GKN.

A report in the FT says that Dana will offer $6bn for the drivetrain division and will consider opening a secondary listing on the London stock exchange.

GKN’s drivetrain business combined with Dana’s existing contracts would give shareholders 47 percent of the world’s biggest drive system supplier with annual sales of $14bn according to the paper.

Jim Kamsickas, Chief Exec of Dana was clear that the combination of the two firm’s strengths in road vehicle engineering was undisputable. “It would be impossible to poke a hole in this industrially” he said.

The new bid is in addition to the hostile offer to shareholders from Melrose Industries, previously reported on. The board of GKN has rejected the bid, but shareholders are currently considering it.

However, the Melrose bit is neither popular with the management, nor some key clients. Tom Williams, CEO of Airbus has been quoted as saying that it would be ‘impossible’ to work with the engineering company under a short-term business model.

“The industry does not lend itself to shorter term financial investment which naturally reduces R&D, budgets and limits vital innovation,” he told the Reuters news agency.

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TPS OPENS NEW CENTRES

TPS OPENS NEW CENTRES

TPS Bolton branch

Volkswagen Group Genuine Parts supplier TPS has expanded its network with the addition of a new distribution hub in Bolton and Watford.

The move comes as part of the firm’s growth strategy to reach more customers within these respective regions.

The Bolton branch comprises of a 5,400 sq ft facility, housing eight staff, two vans with four drivers delivering within a 25 minute radius of the centre.

Matthew Sheldon, Bolton TPS Centre Manager, said: “The new Bolton centre has made a huge difference as we can now reach a lot more customers than before and that gives us a great opportunity to grow the business. “He added: “In previously servicing the region from our Oldham site we would experience difficulties getting across the M60 but the new location overcomes that obstacle and enables us to provide a much faster and on demand service.”

Meanwhile, the Watford premises contains a  5,000 sq ft warehouse, consisting of 5,000 product lines of stock and 18 employees headed by its TPS Centre Manager Sean Willis.

Speaking of the new site, Willis said: “We have only been open since January but we have already got off to a really strong start and are currently servicing around a 165 strong customer base.

“We have been able to create a good territory, right in the middle of the area we service with a lot of improvements including increased stock holding capacity and better speed of delivery. It’s been a positive start but the proof in the pudding will be in the eating as we look to grow our customer base and take the business forward.”

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MESSE FRANKFURT ACQUIRES FOREST EXHIBITIONS

MESSE FRANKFURT ACQUIRES FOREST EXHIBITIONS

Event organiser Messe Frankfurt has acquired Forest Exhibitions to create Messe Frankfurt UK. Terms of the deal have not been disclosed.

Sherwood was the licence holder for Automechanika Birmingham, while Messe Frankfurt is the parent company.

Simon Albert, Event Director of Automechanika Birmingham will take the role of Managing Director of the new UK subsidiary replacing Rob Sherwood.

A note from Olivia Brockwell, Operations Executive at Messe Frankfurt UK, to exhibitors at the show read: “There will be no operational, commercial or legal impact on your relationship with Forest Exhibitions”.

“The event team remain unchanged, and we are full steam ahead with this year’s event”.

The show organiser will remain in the same

 

 

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NEW MACHINERY FORMS PART OF £1m KLARIUS PLANT UPGRADE

NEW MACHINERY FORMS PART OF £1m KLARIUS PLANT UPGRADE

Bill Cash switches Vector Pipe line on for service

Emissions parts manufacturer Klarius Products has invested in a second Vector Pipe Line machine at its facility in Cheadle.

The machine is part of a £1m investment in the plant. Standing at least as tall as a double decker bus, it turns aluminised steel strip into corrosion resistant pipe used in the manufacture of exhaust systems.

Local MP Sir Bill Cash came to cut the ribbon and press the button to start it up. Paul Hannah, Business Development Director said: “It was a great opportunity to thank everyone in the Klarius team, all three hundred of them for their hard work and underline why it is so important to our business. Also, by investing in our own machine tool manufacture and refurbishment business we are not only improving Klarius production machinery, but also developing skills and growth within the UK economy”.

Other recent investments for the firm include a new van fleet and a new manufacturing line producing automotive service aerosols and fluids.

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SECOND ‘EURO ACADEMY’ OPENED IN SUNDERLAND

SECOND ‘EURO ACADEMY’ OPENED IN SUNDERLAND

Factor giant Euro Car Parts has opened its second purpose-built training centre in Sunderland. The facility will deliver the full range of Euro Academy courses with an IMI-accredited ADAS course also available.

 The centre is fully equipped with an Automated Test Lane (ATL) for MOT training, multiple lifts and a fleet of dedicated training vehicles. In addition to offering repairers access to the latest training backed by major parts manufacturers, the Academy also gives technicians the opportunity to try out the factor’s product range.

Courses delivered at the new training facility range from electrics and diagnostics to hybrid vehicle servicing and customer care. Most courses are run over the course of one to two days and some have an e-learning element enabling repairers to go away and undergo further training.

 Speaking about Euro Academy, Bill Stimson, Technical Sales Director at Euro Car Parts, said: “With alternatively-fuelled vehicles on the horizon and diagnostics a daily reality, training is becoming more important for repairers. With the addition of our new Sunderland training centre supporting our existing Avonmouth facility, we are developing a comprehensive, nationwide training provision, which is accessible to all independent repairers”.

 “Training has become a core area of our business over recent years and our aim is to grow our offering to repairers, adding further training centres to our network this year” he concluded

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