Chip McClure's departure as chairman and CEO of Meritor
punctuates what appears from the outside as market timing missteps for the company. Under McClure's leadership, Meritor leapt into new markets, gave up on old ones and followed alternate paths to profitability. Unfortunately, the markets either dried up when Meritor entered or welled up when they left. The company announced Friday that McClure would no longer serve as its chairman, CEO and president. Board member and …more »
On March 22, A123 Systems Inc.
became B456 Systems Inc.
Confusion followed the announcement and continues to follow the battery maker in the wake of its bankruptcy, said Jason Forcier, vice president of its automotive business. Wanxiang America Corp., the U.S. arm of Chinese supplier titan Wanxiang Group
, acquired the automotive, commercial and government assets of A123 Systems Inc.
, with plants in Livonia and Romulus, for $260 …more »
The Southeast Michigan economy survived a near-apocalyptic fallout, and the second-stage businesses that endured are now faced with managing during the recovery, which isn't without its own set of pitfalls. Business owners are reluctant to spend capital and hire workers because the scars remain fresh. But Dave Haviland, founder and principal of Ann Arbor-based Phimation Strategy Group
, says they must reinvest to thrive in the now-growing economy or risk being left behind by …more »
Today, automakers are releasing reports of another month of strong U.S. sales. Anything to divert attention from Europe, right? And now that Lear Corp.
and its hedge fund shareholders called a truce over the company's stock repurchase program, industry news has slowed … three-toed sloth slow. No, glacial slow. (For background, Lear and two hedge funds were in the midst of a proxy fight before compromising. Get the background here). Lawyers, analysts and the like are …more »
President Barack Obama wants to steer offshore oil drilling revenue to green research — and the automotive industry wants in. The Motor & Equipment Manufacturers Association
, the Washington D.C.-based advocacy group used by the auto industry, sent a letter to the White House
Monday urging the inclusion of suppliers in the proposal. President Obama unveiled the "Blueprint for a Clean Secure Energy Future" proposal last week. The proposal would …more »
As we inch closer to Lear Corp.
's annual meeting this year, the Southfield supplier is asking shareholders, "Are you with us?" Hedge fund Marcato Capital Management LLC
is pushing for changes at Lear and is seeking to nominate three new board members. Commence proxy fight. Earlier this month, Marcato filed with the SEC to seat its founder Mick Maguire, Oskie Capital Management LLC
founder David Markowtiz and Enrico Digirolama, senior vice …more »
may sell its trailer business, say three sources familiar with the matter. The sources said the commercial vehicle manufacturer continues to underperform and has been searching for ways to dump the less-profitable unit from its books for more than a year. Troy-based Meritor forecast nearly flat sales in the business for 2013 in its Jan. 30 quarterly earnings conference call – the same day it announced its 10 millionth trailer axle manufactured at its …more »
Stacy Fox, a once-prominent name in the automotive supplier industry, has returned to metro Detroit with a renewed perspective on organizational change. Fox, 59, a former general counsel and executive for Visteon Corp.
, Johnson Controls Inc.
and Collins & Aikman Corp.
, returns from Philadelphia-based Sunoco Inc.
, where she had been senior vice president of strategy and general counsel since March 2010. Back in Detroit, …more »
Global merger and acquisition activity in the automotive sector is looking bleak in 2013, according to a recent Ernst & Young
study. But experts in Southeast Michigan feel optimistic. Only 19 percent of the 188 auto executives surveyed expect to pursue an acquisition this year, down from 40 percent in 2012, according to the sixth annual Capital Confidence Barometer for the automotive industry. With the prolonged recession in Europe and stagnant growth in many Asian …more »
Nearly 800,000 people attended this year's North American International Auto Show
. Automakers, the NAIAS committee and Cobo Center
representatives credit the 50 world debuts of vehicles and the show's updated digs. As they should. This year's show represented the industry well. But there's more to the rise in attendees than metal, glass and rubber. It's jobs. The Michigan economy is recovering — or recovered? — from an economic collapse that …more »