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    FISITA World Mobility Conference 2025: Key themes and concerns for the automotive industry
    One thing is abundantly clear after the FISITA World Mobility Conference (WMC) last week. Megatrends impact everything. No longer can chassis development, braking, safety validation and so forth stand alone without impact from the broader drive towards electrification, the AI revolution or SDVs, to name a few.  The event’s sessions gave the impression that electrification is already baked into the industry, particularly in Europe where the debate on (regulation-pushed) direction is ...
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    Beyond horsepower: Compute becomes the new competitive edge for OEMs
    Automotive compute power is becoming a defining metric of vehicle capability — not just for autonomy, but across cockpit systems, connectivity and life-cycle software deployment. As vehicles transition toward centralized electrical/electronic (E/E) architectures and software-defined platforms, silicon performance is now a core determinant of what a vehicle can do — and how long it will remain competitive in the field. Two metrics have emerged as industry standards for measuring this compu...
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    Intel agrees to terminate agreement to acquire Tower Semiconductor
    Intel has agreed with Tower Semiconductor to terminate the agreement to acquire Tower, according to a company press release dated August 16. The termination is due to the inability to obtain the regulatory approvals required.​ Intel will pay a termination fee of $353 million to Tower. “We are executing well on our roadmap to regain transistor performance and power performance leadership by 2025, building momentum with customers and the broader ecosystem and investing to deliver the geogra...
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    Novosense selects Tower Semiconductor to mass produce magnetic sensor for automotive onboard chargers
    Tower Semiconductor, the leading foundry of high-value analogue semiconductor solutions, and Novosense, a professional supplier of automotive semiconductor solutions in China, announced the development of a hall sensor for the automotive market using Tower's best-in-class 180nm analog  platform in an official press release dated August 25. The new product will be integrated into an On-Board Charging (OBC) unit in plug-in hybrid (PHEVs) and battery-powered electric vehicles (BEVs), a market ...
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    Tower Semiconductor, Cadence offer reference flow for 5G communications and automotive IC development
    Tower Semiconductor, the leading foundry of high-value analogue semiconductor solutions, today announced the release of a silicon-validated SP4T RF-SOI switch reference design flow using the Cadence Virtuoso Design Platform and RF Solution, according to an official press release dated August 16. For advanced 5G wireless, wireline infrastructure, and automotive IC product development, the reference design flow provides a faster path to design closure. This new RF reference design flow takes ad...
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    Autokiniton Global Group to acquire Tower International
    Autokiniton Global Group has inked a definitive agreement with Tower International to acquire the latter for USD31 per share in cash, Tower International said in a press release on 12 July.  The transaction represents a 70% premium to Tower's closing stock price on 11 July 2019.  Including Tower's debt and pension related liabilities, the deal is valued at approximately USD900 million. The transaction is expected to close in September or October this year. Under the terms of the def...
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    Tower International announces changes in senior management
    Tower International, a provider of engineered automotive structural metal components and assemblies, has announced management changes to better align the company to a leaner organization, the company said in a press release on 17 June. The company has appointed Reid Southby as executive vice-president and general manager of Tower North America. In this newly created role, Southby will be responsible for Tower's operations in the region and will report to Tower CEO Jim Gouin. Prior to Tower, S...
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    Tower International reports USD5 million net loss for Q1
    Tower International has reported a net loss of USD5 million for the first quarter ending 31 March, compared with a net income of USD17.3 million in the same period a year ago, the US-based supplier of automotive structural metal components and assemblies said on 2 May. Revenue for the quarter declined about 7% year-on-year (y/y) to USD378.7 million. The company also posted a decline of 51.9% y/y in operating income to USD11.3 million. Adjusted EBITDA for the period totalled USD30....
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    Tower International completes sales of European operations
    Tower International has completed the previously-announced sale of its European operations to France-based automotive supplier Financière SNOP Dunois (FSD), the company said in a press release on 1 March. The purchase price represented an enterprise value (EV) of EUR255 million (USD291.7 million), reflecting EV/adjusted EBITDA multiple of 5.4 times 2018 full year earnings. The divestment resulted in net cash proceeds of around USD250 million, after payment of transaction costs and fees and sett...
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    Tower International’s FY 2018 net income up 2.7% y/y to USD48.9 million
    Tower International has reported a 2.7% year-over-year (y/y) increase in net income to USD48.9 million for the fiscal year ended 31 December 2018, the US-based supplier of automotive structural metal components and assemblies said in a press release on 12 February. Revenues increased 13.7% y/y to USD1.57 billion. The company informed that 2018 revenue excluded USD650 million of European revenue and included USD53 million of Brazilian revenue. Higher revenues helped the company record operating i...
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    Tower International COO Mike Rajkovic retires
    Tower International has announced the retirement of its long-serving chief operating officer (COO) Mike Rajkovic, the company said in a press release on 17 December. Rajkovic joined Tower as COO in August 2007 and established process driven initiatives that helped the US-based company significantly reduce both manufacturing and purchasing costs. Rajkovic came to Tower from Cerberus Capital Management, the private equity (PE) firm which bought the US supplier out of bankruptcy protection in 2007....
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    Tower International to sell European operations
    Tower International, has signed a memorandum of understanding (MOU) to sell its European operations to a privately-owned French automotive supplier Financière SNOP Dunois S.A. (FSD), the company said in a press release yesterday (20 November). The company’s European operations include manufacturing facilities in Belgium, Czech Republic, Germany, Italy, Poland and Slovakia and offices in Germany and Italy.  The transaction with an enterprise value of EUR255million (USD298 million) represe...
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    Tower International’s Q3 net income 51.7% y/y to USD22.5 million
    Tower International has reported 51.7% year-over-year (y/y) increase in net income to USD22.58 million for the third quarter ended 30 September 2018, the US-based supplier of automotive structural metal components and assemblies said in a press release on 29 October. Revenues increased 14% y/y to USD524.5 million. Higher revenues helped the company record operating income of USD31 million, up 14.3% y/y. Adjusted EBITDA for the quarter totaled USD57.1 million. Revenues in Europe remained almos...
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    Tower International’s Q2 net income rises 16.7% y/y to USD22.4 million
    Tower International has reported 16.7% year-over-year (y/y) increase in net income to USD22.4 million, the US-based supplier of automotive structural metal components and assemblies said in a press release on 31 July. Revenues increased 13.5% y/y to USD556 million. Higher revenues helped Tower to record operating income of USD32.8 million, up 14.3% y/y to USD32.8 million and adjusted EBITDA of USD58.2 million, up 10% y/y. Tower reported net cash provided by continuing operating activities of USD...
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    Tower International’s Q1 net income remains flat y/y at USD17.3 million
    Tower International’s net income remained almost flat year-on-year (y/y) at USD17.3 million in the first quarter ended 31 March 2018, according to a company press release yesterday (3 May). Revenues for the period amounted to USD563.5 million, up 13.2% year-on-year (y/y), and operating income was up 12.6% y/y to USD25.9 million. Adjusted EBITDA for the quarter was slightly ahead of the company's forecast  at USD53.1 million, up 16% y/y. The company’s revenue in Europe rose 7.2% y/y to U...
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    Tower International appoints James Gouin as president with immediate effect, CEO effective 1 January 2017
    Tower International, a manufacturer of engineered automotive structural metal components and assemblies, has appointed James Gouin as president, with effect from 1 September, and as CEO effective 1 January 2017, according to a press release on 1 September. Gouin will join the company’s board of directors when he becomes CEO. Also, effective immediately, Jeffrey Kersten will succeed Gouin as executive vice president and chief financial officer (CFO) of Tower International, according to the r...
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    Tower International to establish new manufacturing facility in US—report
    Tower International is investing USD75 million to establish a new manufacturing facility in South Carolina, United States, reports Area Development magazine. The company expects to create 140 jobs through this investment. The facility will start manufacturing large complex assemblies for one of the leading automobile manufacturers in September 2017. Significance: According to Jim Bernard, president of Tower International Americas, the company’s expansion in South Carolina is an important p...
    News
    Tower International reports 2.9% y/y increase in revenue to USD511 million in Q1
    Tower International has reported a 2.9% year-on-year (y/y) increase in revenue to USD511 million in the first quarter, but a decline in adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA). In the first quarter, the EBITDA figure was USD46.2 million, compared with USD48.1 million a year before, explained by planned upfront expenses with major new business awarded in 2015, a similar story to fourth-quarter 2015. Tower reported net income in the first quarter of USD...
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    Ford selects Tower as second supplier for F-150 frame – reports
    Ford has selected a second supplier for its F-150 pickup truck steel frames, according to Wall Street Journal and Automotive News, in reaction to a shortage from its current supplier, Metalsa SA in Mexico. Wall Street Journal reports that Metalsa is having difficulty keeping pace with production needs, and in an ongoing shortage that stifles production. Tower Automotive is the supplier tapped to build additional frames, though Tower has not commented. The new supply is reportedly going to be ava...
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    Tower International announces proposed offering of Notes worth USD250 million
    Tower International has announced a proposed offering of USD250 million aggregate principal amount of Senior Unsecured Notes by two of its wholly-owned subsidiaries, says a company press release. The gross proceeds from the proposed offering will be used to prepay a portion of the issuers' existing USD450 million Term Loan B, due 2020. Significance: Separately, the company is in the process of amending and restating its subsidiaries' USD150 million asset-based revolving credit facility to co...
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    Tower International increases full-year revenues forecast on strong Q1 2014
    US-based structural components manufacturer Tower International has announced its financial results for the first quarter ended 31 March 2014. According to a company press release, Tower International’s revenue increased 3% year on year to USD548 million in the first quarter of 2014, primarily due to high demand in Europe and North America, which more than offset sales declines in Brazil and China. The Americas contributed 54.4% to Tower International’s revenue in the first quarter of 2014, ...
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    Tower International inks new loan agreement worth USD420m
    Tower International has secured a seven-year floating rate term loan of USD420m, says the company’s press release. The proceeds of the loan will be used to fund a cash tender offer by Tower International’s wholly-owned subsidiaries Tower Automotive Holding USA and TA Holding Finance to purchase up to USD276m of their outstanding 10.625% senior secured notes due 2017. Significance: The previously announced cash tender offer expired on 22 April 2013. Although a combined principal amount of...
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    Tower International announces cash tender offer for up to USD276m for senior notes due 2017
    Tower International’s wholly-owned subsidiaries Tower Automotive Holding USA and TA Holding Finance have started a cash tender offer to purchase up to USD276m of their outstanding 10.625% senior secured notes due 2017, the company said in a press release.  The tender offer will expire at 12.01am New York City time on 12 April 2013. Noteholders are required to tender their notes at or before early tender date, which is 5.00pm New York City time on 28 March 2013. The total consideratio...
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    The first quarter in North America: Where are the big profits?
    Vehicle production in North America took off in the first quarter, but financial results were surprisingly mixed for North American suppliers. Call it a reflection of the increasingly global and complex nature of the modern auto industry. The positive effect of the big jump in output -- as well as demand for components that help carmakers improve fuel efficiency -- was partly offset by the costs of ramping up plants after two years of conservative, hunkered-down investment for some parts maker...
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    Cooper-Standard appoints Bill Pumphrey as President, North America
    Cooper Standard has appointed Bill Pumphrey as President of North America. The appointment will come into effect from 16th of this month, according to a news release in PR Newswire. He replaces Edward Hasler, who recently retired from the company. Based at the company's headquarters in Novi, Michigan (US), Pumphrey will report to Keith Stephenson, Chief Operating Officer of Cooper Standard. Pumphrey will be responsible for the commercial and manufacturing operations of the company in North Ame...
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    The Detroit Three buy higher-value technology as North American purchasing climate in 2011 improves
    THE North American auto industry is rebounding this year, although not without a certain number of fits and starts as it goes through the long, difficult process of "normalising" after the two-year crisis. As revenue plunged during the recession, nearly every major North American supplier was in the same boat in difficult conditions. Then most suppliers were caught in the same updraft beginning late last summer as vehicle production began to rise. But with a degree of normalisation back in the a...
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    Latest mergers and acquisition activity
    Acquirer Acquired Business Sector Comment AVIC Nexteer Steering systems 12 April 2011 - China's state-owned automotive parts manufacturer AVIC Automobile Industry Holding Co, a subsidiary of Aviation Industry Corporation of China, became the majority shareholder of Michigan (US)-based steering system manufacturer Nexteer Automotive. Nexteer was acquired for over USD400 million. Continental Modi Rubber Tires 19 April 2011 - Continental signed a memorandum of understanding (MoU) w...
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    Shanghai Motor Show 2011: Chinese Automakers Push to Strengthen Own Brands via Premium Suppliers
    Significance   China's home-grown automakers are facing increasing pressure to create quality brands, but local research and development (R&D) and product development are still in their infancy, so Chinese original equipment manufacturers (OEMs) are on a buying spree to acquire what they need to build global brands fast. Demand from Chinese OEMs for premium products has led to growing sales for some high-end suppliers.   Implications   China's government wants local automa...
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    The European Supply Industry
    No matter how challenging and disruptive the last two years have been, the automotive supplier industry in Europe has fared considerably better than the gloomy expectations which predicted a mortality rate of some ten times that as would normally have been experienced in such turbulent circumstances. The impact of the crisis and the magnitude of its effects on European suppliers were more limited than experienced in the US due to a number of factors. The welfare provisions typical of the Europea...
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    2010 Market Analysis
    2010 started with the auto industry in recuperation mode where numerous players, whether automaker or supplier, managed to secure a narrow recovery, whilst smaller lower-tier suppliers have still not recovered from the 2008 global recession. The demand for new cars is escalating at a decent pace, with developed markets coming to capacity at a slower pace whilst the emerging markets have already crossed the recovery phase. The BRIC countries (Brazil, Russia, India and China) are no longer just ma...
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    Tower to become public company, announces IPO of 6.25m shares of common stock
    Tower Automotive has announced an initial public offering (IPO) of 6.25m shares of common stock with per share priced between US$15 to US$17. Post IPO, the company will become a corporation, named Tower International Inc. Its common stock will get listed on the New York Stock Exchange under the ticker symbol 'TOWR'. Considering the stock gets sold at midpoint of the price range i.e. US$16 per share, net proceeds from the offering is estimated to be about US$87.5m after deducting the underwrit...
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    Suppliers to the Ford Focus
    If you would like your company included in this feature, or the car cutaways published in Automotive News or Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Continental Suspension Bolts FAG Front Wheel Bearings/Bushes Ficosa Parking Brake Cables Hella Pumps ITT Front and Rear Disc Brake Pads, Axle Parts - Friction Ixetic Vaccum Pumps Mando America Front Bra...
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    Tower Automotive to sell senior notes of US$450m
    Tower Automotive has announced plans to sell seven year senior secured notes amounting to US$450m. The proceeds will be utilised to pay back the company’s US and European bank debts. The first-line term loans are due in 2013. Looking at the company's initiative to become debt free, Standard & Poor’s (S&P) has assigned a 'B' corporate credit rating to the company. S&P expects the company to break even its cash flow in 2010. The rating also expects the supplier’s sales t...
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    Tower Automotive raising US$100m from IPO
    Tower Automotive Inc plans to raise US$100m from the initial public offering (IPO). The privately-held supplier has filed the necessary documents with the US Securities and Exchange Commission to go public. The funds raised through the offering will be utilised to pay off debts and other general expenses. The company was bought by a private-equity firm Cerberus Capital Management in 2007 after it filed for bankruptcy protection. Cerberus will continue to hold the majority stake in Tower, w...
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    Suppliers to the new Ford Taurus
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Continental Fuel Efficient Power Steering Module Cooper-Standard Dampers, Strut Mounts Emhart Brake line routing clips FAG 559791 FBLX Strut Brg, Rack & Ballnut Assembly for EPS ITT Rear axle, Rear axle friction Keystone Powdered Metal P...
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    Suppliers to the new Alfa Romeo MiTo
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Batz Brakes [RHD] Bosch Brake Caliper [Front & Rear], Power Unit [Brake Booster Plus Master Cylinder] Brembo Brake Caliper [Front], Brake Disc [Vented] Bridgestone Tires CMS 17 Aluminium wheel Continental Brake Hoses [Front] Cooper St...
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    Suppliers to the new Toyota Venza
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Steering column Douglas Autotech Electric power steering column Koyo Steering Fuel tank strap RH Midway Products Disc brake pads [front] Taiwan Brake Technology Aluminum heat shields Tower Automotive ELECTRICAL/ELECTRONIC Wiring protection systems ...
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    Private equity in the automotive supplier industry
    The last ten years have seen a dramatic rise and fall in private equity worldwide. PE firms have performed really well from 2003 to 2007 amid favourable business environment. The growth was primarily driven by the availability of inexpensive debt, rising profitability across all industries, growing asset prices and the allocation of significant assets from institutional investors to private equity funds. The automotive industry has been one of several beneficiaries of this phenomenal growth of P...
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    Suppliers to the Kia Borrego
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Brake pads TMD Friction Face seals Freudenberg Front brake pads Taiwan Brake Technology Front chassis modules WIA Corporation Full frame assembly Tower Automotive Heat shield Federal-Mogul Rear brake pads Taiwan Brake Technology Wheel stud Ta...
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    Visteon interiors President joins Key Plastics
    Visteon's former interiors and lighting President, Terrence Gohl will join Key Plastics LLC as the CEO and a board member. His responsibilities include handling global operations. Gohl has an experience of 10 years at Lear before joining Tower Automotive Inc. as Senior Vice-President of the North American operations, and later joined Visteon. Key Plastics situated in suburban Detroit (US) has recently emerged from Chapter 11 for the second time, and thus has great expectations from Gohl to mak...
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    Visteon’s interiors President resigns
    Terrence Gohl, President of Visteon’s interiors and lighting business has resigned to join another company. Further information on Gohl’s new joining is unknown. Gohl has served numerous leadership roles in the automotive industry. Before Visteon in August 2005, He worked with Tower Automotive Inc. as Senior Vice-President of North American operations. He has also worked with Lear. At present, Gohl’s responsibilities are split on an interim basis among other executives in the interiors...
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    Suppliers to the Toyota Venza
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY 19" Cast Aluminum Wheel International Superior Industries Aluminum heat shields Tower Automotive Bracket sub Assembly Front Suspension Member Midway Products Coil Springs ArvinMeritor Dash outer Amtex Dust Covers Freudenberg Electric Power Steering Co...
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    Suppliers to the new Cayenne GTS
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com The Cayenne GTS was designed to be more agile and give better road performance than other members of the Cayenne range. Under the SUV's hood sits a 4.8-litre, 405 bhp V8 direct fuel injection engine. A key safety feature of the GTS is Porsche's Dynamic Chassis Control (PDCC) system, which is less adversely af...
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    Suppliers could emerge as the real winners from any rescue plan for the industry
    Investors in major auto parts suppliers stand to benefit if a U.S. bailout staves off bankruptcy for U.S. automakers and prevents a cascade of failures in the supply base, according to analysts. "The suppliers would benefit tremendously from new capital coming into the industry and from providing assurances of the supply of trade credit," Fitch Ratings managing director Mark Oline told Reuters last week. "If the government provides assurance that GM, Ford and Chrysler can meet their bills, th...
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    Suppliers to the new Skoda Superb
     If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com Superb at the Geneva autoshow in March 2008. The vehicle comes with a choice of three petrol or three diesel engines and four trim levels: Comfort, Ambition, Elegance and GreenLine. The vehicle is unique to Skoda’s PQ46 platform and uses modules carried over from the Skoda Octavia and VW’s Passat. ...
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    Suppliers to the new Ford Taurus
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Brake tube assemblies TI Automotive Center shaft Hirschvogel Umformtechnik Chassis bushings ZF Chassis components ZF Chassis components ZF Lenksysteme Chassis RDU support braces Midway Products Chassis systems ZF Lenksysteme Control arms Tower Automoti...
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    Houlihan Lokey: “North America falls behind Europe”
    THE North American automotive supplier industry has experienced significant M&A activity over the last two years, driven in part by supplier consolidation goals and in response to shifting sands in the North American automotive markets. OEMs experienced significant changes in the purchasing trends of their customer bases, away from light trucks and SUVs and toward crossover vehicles and sedans. Causes are debatable, but include rising gas prices, related consumer trends away from “gas guz...
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    Dura Automotive exits bankruptcy
    Dura Automotive Systems has received an approval from the US Bankruptcy court for its reorganisation plan. The company filed for Chapter 11 in October 2006, one year after Delphi filed bankruptcy protection, but has exited while Delphi is still struggling with its financing package. Dura is one of four big US auto suppliers – which includes Delphi, Tower Automotive and Dana Corp – which has filed for protection in recent years as the US auto market saw sales fall.
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    Suppliers to the Octavia Scout
    If  you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com Skoda unveiled the Octavia Scout at the 2006 Paris Auto Show, and brought the car to market in Q1 2007. The Scout, which is the latest addition to their off-road range, has a modified suspension and increased ground clearance, making it 17mm taller than the Combi 4x4 and 40mm higher than the regular Octavia e...
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    Suppliers to the Octavia Scout
    If  you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com Skoda unveiled the Octavia Scout at the 2006 Paris Auto Show, and brought the car to market in Q1 2007. The Scout, which is the latest addition to their off-road range, has a modified suspension and increased ground clearance, making it 17mm taller than the Combi 4x4 and 40mm higher than the regular Octav...
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    Suppliers to the Skoda Fabia
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Brake calipers Continental Automotive Systems Brake calipers TRW Automotive Brake lines Cooper-Standard Chassis components ContiTech Fuel filter/filler Veritas Heat shielding Rieter Heat shielding ElringKlinger Seals ContiTech Shock absorbers Tenne...
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    Suppliers to the Fiat 500
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com The new Fiat 500 was launched in Turin on 4 July 2007. The latest version of this iconic 3-door city car comes available with a choice of two petrol (1.2L and 1.4L) or a 1.3L turbodiesel engine. The car received a five star Euro NCAP adult occupant protection rating, and with a score of 35 points this makes the new...
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    Suppliers to the Alfa Romeo Spider
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com Mazzucconi and Hoerbiger Antriebstechnik help with the first diesel roadster. The New Alfa Romeo Spider is derived from the Alfa Brera and was named "Cabrio of the Year" at the 2006 Geneva auto show. The Spider comes with a choice of four engines, two petrol as well as a 2.4L or a 3.2L turbodiesel engine - the late...
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    As Dana and Delphi emerge from Chapter 11 they face uncertain futures - with uncertain leadership
    No sooner had Mike Burns annnounced that he would step down as Dana's CEO than the U.S. supplier world was buzzing with the names of possible successors.Among the first to surface last week were ex-Magna and General Motors executive Mark Hogan; Federal-Mogul chief Jose Maria Alapont; former Tower Automotive head Kathleen Ligocki; and General Motors manufacturing executive Gary Cowger.Dana's chairman, John Devine, former CFO at both General Motors and Ford, will serve as acting CEO. And while vie...
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    Suppliers to the Fiat 500
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Actuation TRW Automotive Body structure Magna Cosma Brake caliper front Bosch Chassis components ZF Friedrichshafen Drum brake rear Bosch Drum brake linings rear axle TMD Friction Front and rear suspension system Magneti Marelli Front brake calipers TRW A...
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    Latest Management Changes
    American Axle & Manufacturing Inc. has promoted Yogendra N Rahangdale as Vice Chairman and David C Dauch as Executive Vice-President and COO. He will report to Richard E. Dauch, Co-Founder, Chairman and CEO. ArvinMeritor has appointed Art Waldowski as Vice-President of Purchasing for its Commercial Vehicle Systems (CVS) business. Waldowski will be responsible for ArvinMeritor’s Direct Material Optimisation program and will lead the company’s global purchasing team. He will also focus o...
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    Tower Automotive appoints new President for International Operations
    Tower Automotive has appointed Dr Gyula Meleghy to the newly created position of President, International Operations. Dr Meleghy will lead all Tower businesses in Europe, South America and Asia and will report to Mark Malcolm, President and CEO of Tower Automotive. Dr Meleghy has been working as President of Tower’s Asia operations since July 2006. He has more than 20 years of technical and commercial experience in the automotive supplier industry. He had held other senior leadership roles at ...
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    The new Volvo C30
    The C30 sports coupé, unveiled at the 2006 Paris Motor Show, marks Volvo's debut into the two-door premium car segment. The C30 is based on the P1 platform and can be fitted with four and five-cylinder petrol and diesel engines, from 1.6 to 2.5L. The most powerful petrol engine (T5) is turbo charged. According to Volvo, design and production of the C30 entailed many new developments – the vehicle has a new body, all the panels are new, as are the rear seats and chassis settings. Arguably the...
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    Tower names new CEO
    Tower Automotive has appointed Mark Malcolm as the new CEO and President.Malcolm will replace former CEO Kathleen Ligocki. Malcolm was previously serving as the lead automotive consultant for Cerebrus Capital Management which currently owns Tower Automotive’s assets. Before joining Cerebrus, Malcolm had held several senior positions with Ford which included executive Vice President and Controller of Ford Motor Credit.
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    Latest Management Changes
    Asahi Tec has appointed Hido Ishi as its new President. Ishi will also be a Director, Co-CEO and Representative Executive Officer of the company. He will be responsible for the company's Metal Forming Group and Diversified Business Group. He was previously with Honeywell Technology Inc. for more than five years. Ishi will replace Shoichiro Irimajiri who has resigned from the post of President, Co-CEO and Representative Executive Officer. Cerberus Capital Management LP has appointed Kathleen Lig...
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    Suppliers to new GM Opel Corsa
    If you would like your company included in this feature, or the car cutaways published in Automotive News/Automotive News Europe, please email steven.wingett@ihssupplierinsight.com CHASSIS/UNDERBODY Accessory drive tensioner Dayco Europe Airbag electronics Continental Automotive Systems Alloy wheels Borbet Group Alloy wheels ATS Group Body side panel Arcelor Brake booster Lines Cooper-Standard Brake control system Bosch Cable fastenings Hellermann...
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    Tower CEO to join Cerberus
    Kathleen Ligocki, the CEO of Tower Automotive will leave the company to join Cerberus Capital Management LP as a consultant. The announcement is yet to be made public. However, the company representative has said that the announcement is scheduled for this week.Cerberus Capital has recently acquired Tower automotive and is expected to acquire the Chrysler Group as well. With the completion of the sale to Cerberus, Tower Automotive has completed its restructuring and emerged from Chapter 11 bankr...
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    Court approves reorganisation of Tower Automotive
    The US Bankruptcy court of the city of New York has approved the Chapter 11 reorganisation plan of Tower Automotive. The company will now be able to carry out its planned sale of assets to TA Acquisition Co., LLC, an affiliate of Cerberus Capital. Its creditors have also voted in favour of the sale. The transaction is likely to close by the end of July 2007. Tower filed for Chapter 11 protection in February 2005 due to low production volumes, increasing steel prices and substantial debt.
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    Tower Automotive to sell assets to Cerebrus
    Tower Automotive  will proceed with its planned sale to TA Acquisition Co., LLC, an affiliate of Cerberus Capital Management, LP, as it has not received any other competitive offers. The deal is valued at about US$1bn. Tower Automotive expects to seek approval of its reorganisation plan and sale deal from the US Bankruptcy Court of New York on 11 July 2007.The sales proceeds will be used by Tower Automotive to pay off its US$725m debtor-in-possession loan and to settle the US$41m second-lie...
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    Tower Automotive sales decline
    Tower Automotive, reported a decline in its sales for the year ended 31 December 2006 to US$2.53bn from US$2.93bn in 2005. This was mainly due to lower volume, the impact of two frame programs ending and unfavourable product mix and higher steel prices. However, these were partially offset by the impact of a favourable foreign exchange. The company posted a net loss of US$202.1m, down from a net loss of $373.4 million in 2005. The operating loss amounted to US$51.12m. Its proportion of revenue f...
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    Tower Automotive files for reorganisation
    Tower Automotive has filed for reorganisation with the US Bankruptcy Court in New York. The filing will also cover an earlier sale agreement with an affiliate of Cerberus Capital Management, LP for substantial Tower assets. The company expects to close the sale transaction by 31 July 2007 as soon as the competitive bidding process completes.A successful reorganisation will make it possible for the company to completely pay off its secured claims including obligations under Tower’s Debtor-in-Po...
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    Cerebrus to acquire Tower Automotive assets
    Tower Automotive is set to sell all its assets to Cerberus Capital Management LP in a deal valued at US$1bn. The sale is expected to close on 31 July 2007 and has the support of Tower’s official committee of unsecured creditors.Tower Automotive has been operating under Chapter 11 protection through the U.S. Bankruptcy Court in Manhattan (US) since February 2005. Tower Automotive have suffered as a direct consequence of production cutbacks in sport-utility vehicles and light trucks by major U.S...
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    Tower Automotive Q3 sales down by 15.7%
    For the third quarter ending 30 September 2006, Tower Automotive reported a 15.7% decline in sales to US$2.2bn from US$2.6bn in the prior years third quarter.This decline is the result of production cutbacks and an unfavorable product mix. DaimlerChrysler’s decision to move production of Dodge Ram truck frames from Tower’s Milwaukee plant to Mexico led to a US$96.9m drop in sales till September..The net loss stood at US$65.2m as opposed to US$76.5m during the corresponding period in the last...
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    Tower Automotive’s net loss widens
    Tower Automotive Inc., which has been operating under Chapter 11 protection in US Bankruptcy Court since February 2005, has declared its monthly net loss.The company’s net sales fell by 15.5% to US$98m in December 2006, in comparison to sales of previous month.  Net lossincreased slightly to US$17.6m, from a net loss of US$16.6m in November 2006.The company filed for bankruptcy due to production cutbacks by major US vehicle manufacturers and is still facing problems. Decline in production...
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    Latest investments
    Company Region Area of Operation Remarks Akebono Brake Industry Co. Tatebayashi, Gunma Prefecture Disc brake components 6 December 2006 – The company will invest ¥5bn in three years, beginning April 2007. The new plant is scheduled to start operations in April 2008, and will make main components for disc brakes. The factory will start with a production capacity of 200 tons per month and will increase its capacity to 2,200 tons per month by September 2009. Avtec Pitampur, Chennai ...
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    Suppliers to the Suzuki SX4
    CHASSIS/UNDERBODY Bracket comp, trailing arm Kirchhoff Brake booster with master cylinder Bosch Bushing, trailing arm Hutchinson/Paulstra Crossmember comp front lower Kirchhoff Front & rear shock absorbers Kayaba Front coil springs Allevard Rejna Front stabilizer bars Allevard Rejna Fuel check valves Piolax Fuel filter UFI Filters Fuel systems Inergy Knucle (suspension systems) Magneti Marelli Member comp steering support Kirchhoff Rack bush...
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    Tower plans expansion of Michigan facility
    Tower Automotive is planning to expand production at its Elkton facility in Huron County, MI (USA). The plant makes automotive body structures. An estimated US$3.5m will be invested in new equipment. The facility will launch and new production line, which is expected to be in operation in the first quarter of 2007. The company may also reinstate 45 laid off employees after expansion.
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    Suppliers to the Fiat Grande Punto
    CHASSIS/UNDERBODY Aerodynamic underbody shields Rieter All TP Sealing CF Gomma Aluminium heat shields Carcoustics International Basecoat PPG Body-in-white dampers Rieter Brake booster Bosch Brake booster lines Cooper-Standard Brake disc caliper Bosch Brake hoses Continental Automotive Systems Chassis components ZF Friedrichshafen Clearcoat PPG CVJ boots - steering Trelleborg Electrocoat PPG Front and rear chassis jounce bumpers BASF Elastog...
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    Tower facility closure to cost US$19.6m
      Tower Automotive Inc. will divest a facility in Kendallville, in northeastern Indiana, (USA) in 2007, a move that will cost the company US$19.6m. The cost mainly includes asset-impairment charges amounting to US$11.7m. Employee-related costs will be close to US$1.3m. The plant employs 100 workers. Tower Automotive has been in Chapter 11 reorganization since February 2005. In October 2006, Tower Automotive stated that it was unable to meet its financial targets following production...
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    Tower to close North American facility
    Tower Automotive Inc. will close its facility in Kendallville, IN, (USA) in 2007. The company will also cut all of the 114 jobs at the facility, which manufactures chassis and suspension parts. Production will be shifted from the Kendallville unit to other North American facilities. The company’s two other units in Greenville, MI and Upper Sandusky, OH, (USA) are also in the process of shutting down. In May this year, Tower had announced plans to close its Bluffton, OH, (USA) and lay off almos...
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    Tower close Ohio facility
      Tower Automotive Inc., will close its facility in Upper Sandusky, Ohio (USA). Production from the plant will be moved to other North American plants by early 2007. The move will eliminate 135 jobs. The move is a part of the company’s decision to streamline its manufacturing operations. Tower announced in May 2006 that it will shift most of the production from its Bluffton, Indiana (USA) facility into other Tower facilities in North America, eliminating all but 15 of the operation...
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    Tower to consolidate Ohio plant
    Tower Automotive Inc. will consolidate production from its facility in Upper Sandusky, Ohio (USA) to other North American facilities of the country. This is a part of the company’s US$9.2m restructuring plan.The company’s reorganisation plan includes employee related costs of US$1.1m, asset impairment charges of US$4.3m, and non-cash charges of US$1.5m. According to the regulatory filing released by the Securities and Exchange Commission, Tower may incur US$2.3m. The company’s net loss nar...
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    Tower net loss narrows due to lower restructuring costs
    Tower Automotive reported reduced net loss to US$10.34m for the first quarter ended 31st March 2006 compared to US$98.8m in the first quarter of 2005. Decline in loss was due to sharp decline in its bankruptcy reorganization costs. The company’s reorganization costs declined to US$11.6m the first quarter of 2006 from US$41.6m in the same period of 2005. The company declared operating income of US$13.75m compared to operating loss of US$10.31m in the first quarter of 2005.Sales declined 15.9% t...
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    Tower Automotive seeks court permission to reduce claim
    Tower Automotive Inc. requested a bankruptcy court to reduce by more than half a claim filed against the company by Goldman Sachs Credit Partners LP (GS). Goldman Sachs is seeking US$89.1m from the company over rejected equipment leases. According to the company, the claim is drastically overstated because Tower Automotive Products Co. unit leased truck assembly equipment with financing from Goldman Sachs and Goldman Sachs received about US$82m in rent payments before the lease ended, and US$25....
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    Analysts issue stark warnings to suppliers as Detroit crisis escalates
    Suppliers will have to brace themselves for a sustained reduction of Ford and GM production and an increase in market dominance of overseas OEMs. On 1st June 2006, FitchRatings cut its issuer default ratings on Ford Motor Co. and placed its finance unit into ‘junk’ status, citing an expectation of persistent deterioration in the automaker's revenue through at least 2006. Between them, GM and Ford have some $453 billion of debt outstanding, which analysts estimate includes some $220 billion ...
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    Tower loss narrows to US$64.4m from US$540.8m
    Tower Automotive Inc. reported a significant decline in loss for the fourth quarter ended 31st December 2005. The company’s loss declined to US$64.4m from restated loss of US$540.8m in the fourth quarter of financial year 2004. Loss incurred in 2005 includes an aftertax charge of about US$7.9m reflecting an accounting change related to asset retirement obligations.Sales in the fourth quarter of 2005 declined to US$732.1m from US$891.9m in previous year corresponding quarter.The company restate...
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    Tower to close down aluminum foundry in Canada
      Tower Automotive Inc. will stop production at an aluminum foundry and mini-mill in Toronto (Canada) by 31st August 2006. This move will cut costs and improve efficiency. The company had filed for bankruptcy in February 2005 and is under the process of restructuring its business. The company stated that the closing down of the facility will cost about US$19.9m, including US$14.5m for asset impairment charges and US$4.3m for employee costs. Tower Automotive did not disclose the number...
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    ArvinMeritor ratings affirmed by Moody’s
    ArvinMeritor Inc.’s plans to reset terms of its bank revolving credit facility and arranging a new bank term loan has prompted Moody’s Investors Service to affirm its ratings on the company. The rating agency has affirmed ArvinMeritor's corporate family rating at Ba2 and assigned Ba1 ratings to the company's US$1.05bn of new first lien bank debt. Moody's lowered the ratings on the company's existing senior unsecured notes issued under the company's "1998 Indenture" to Ba3.  The speculat...
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    Magna poised to snap up jewels in distressed North American supplier industry
    Magna International, which is on the verge of becoming North America's largest supplier, is positioning itself to swiftly build on the momentum by acquiring key plants and buying into new lines of business. The jumble of plants and businesses up for grabs in North America  -- the result of widespread Chapter 11 filings and efforts by suppliers such as Visteon to redefine its core operations -- is creating a giant opportunity for what is a hugely opportunistic company. "Magna will emerge a...
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    GM and Ford struggle to reduce structural costs
    At a recent seminar on the future of the US automotive Industry, Mark A. Oline, Fitch Ratings’ Managing Director Co-Head, U.S. Corporate Finance stated that despite Ford and GM’s respective liquidity, the ‘old way’ of enduring detrimental supplier issues in anticipation of their respective conclusions can no longer be sustained without incurring significant degrees of irrevocable negative impact, “uncertain cost structures create uncertain profitability and returns - we will see a smal...
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    Delphi Strategy
    The world second largest automotive supplier is in the middle of a process aimed at transforming its business and leaving it leaner and fitter. But the process of slimming the business is a difficult one with execution risks and some uncertainty about the strength of the resulting business because of its continuing dependence on General Motors and very competitive market segments. With its Form 8-K filing to the SEC on 31 March 2006, Delphi’s management has provided an outline of the bankrupt...
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    Supplier industry goes global
    FitchRatings released a special report in March 2006 concerning the Auto Supplier Industry. In the report Markus Lietner, Director in Fitch's European Industrials team, stated that European suppliers are better positioned to cope with the challenges in the auto industry than their US competitors.Fitch’s analysts suggest that the higher degree of customer diversification which European automotive suppliers enjoy ultimately provides them with greater stability. They also identified that structur...
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    Tower makes key executive changes
    Tower Automotive announced certain key executive changes in the company. The company announced that Dr. Gyula Meleghy, currently President - Europe and South America for Tower Automotive, and Vincent Pairet, currently President - Asian Operations for Tower Automotive, will switch responsibilities effective 1 July 2006. Both will continue to report directly to Kathleen Ligocki, president and CEO of the company.Gyula Meleghy was appointed President - Europe and South America for Tower in August 20...
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    Tower Automotive appoints new Senior VP - Global Human Resources
    Tower Automotive has appointed E. Renee Franklin as Senior Vice President - Global Human Resources. She will also be a part of the company’s enterprise leadership team, and have leadership responsibility for all strategic issues concerning the company’s human resources development. Based at the corporate headquarters in Novi, Michigan (USA), Franklin will report directly to Kathleen Ligocki, President and CEO of the company.Franklin will provide thought leadership and strategic support on su...
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    Competitors see chances to sweep business away from bankrupt Dana
    Dana Corp.'s plunge into Chapter 11 has created sizeable opportunities for suppliers with overlapping products to capture new business. Among the winners could be Dana's archrivals like driveline specialist American Axle Manufacturing and Holdings Inc. and ArvinMeritor Inc.Some of Dana's business units and factories will also come up for grabs. And the aggressive American Axle, led by hard-charging CEO Dick Dauch, wants to be first in line.But Dana's problems may be less readily resolved than th...
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    S&P’s upgrades Tenneco ratings
    Tenneco Inc.’s recent performance in the challenging environment of automotive suppliers has led Standard & Poor's to raise its ratings on the company, including the corporate credit rating, upgrading it to 'BB-'. The ratings were also removed from CreditWatch with positive implications, where they were placed on 30 January 2006. The outlook is stable. As of 31 December 2005, the company had US$1.4bn in balance-sheet debt. Tenneco’s business and financial prospects for 2006 and after has...
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    Moody’s lowers Lear ratings
    A decline in Lear’s operating performance has led Moody's to lower Lear Corporation's Corporate Family and Senior Unsecured Debt ratings to B2 from Ba2. The ratings also incorporate challenges in the automotive supplier industry, especially Lear’s dependence on GM and Ford. The company is also facing significant debt maturities in early 2007 as well as 2008 and 2009, and it will become more reliant on its committed revolving credit facility for liquidity support. Debt coverage measurements w...
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    Tower Automotive names new Senior Vice President - Global Purchasing
    Tower Automotive, Inc. has appointed Paul Radkoski as Senior Vice President - Global Purchasing. He will be based at the corporate headquarters in Novi, Michigan (USA), and will be a member of the company's senior leadership team. He will report directly to Kathleen Ligocki, President and CEO of the company.Radkoski will oversee the further development of global purchasing and supply-base management strategies. He will work closely with the North American operations to manage supply logistics th...
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    Pricing and reduced vehicle build schedules push Superior into losses
    Reduced vehicle build schedules, reduced capacity utilization, and reduced global pricing prompted Superior Industries International, Inc. to report an operating loss of US$35.58m in the fourth quarter ended 31st December 2005, compared to operating profit of US$14.1m in previous year corresponding quarter. The operating loss from the aluminum suspension components business, which the company has announced that it intends to sell, was US$3.68m for the fourth quarter of 2005 compared to an oper...
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    Competitors see chances to sweep business away from bankrupt Dana
    Dana Corp.'s plunge into Chapter 11 has created sizeable opportunities for suppliers with overlapping products to capture new business. Among the winners could be Dana's archrivals like driveline specialist American Axle Manufacturing and Holdings Inc. and ArvinMeritor Inc. Some of Dana's business units and factories will also come up for grabs. And the aggressive American Axle, led by hard-charging CEO Dick Dauch, wants to be first in line. But Dana's problems may be less readily resolved tha...
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    North American supplier sector analysis
    American suppliers struggled through a murderous 2005, a year of chaos in the U.S. automotive parts industry - with its bankruptcies, plant cloures and constant restructuring. Tower Automotive and Collins & Aikman filed for Chapter 11 protection and Delphi set off the largest bankruptcy case in automotive history when it went into Chapter 11 in October.Other suppliers that have done well in the past, such as Lear Corp., ArvinMeritor and Dana Corp. reported sharp declines in 2005. Those three...
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    Suppliers to Ford Explorer
      CHASSIS   18" Chromtec® Wheel Lacks Wheel Trim Systems Adaptive Energy Absorbing Steering Column thyssenkrupp Presta Axle bearings Koyo Ball Joints- Front Upper TRW Automotive Ball Joints-Front Lower TRW Automotive Body Mounts Cooper-Standard Booster Continental Automotive Systems Chassis bushings ZF Cross Axis Ball Joint TRW Automotive Ext Asy RR Flr Pan SD RR LH Tower Automotive Fastener coatings Magni Group Frame Assembly ...
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    Dana files for bankruptcy protection
    Dana Corp. filed for bankruptcy on 3 March 2006 due to declining sales and decreasing market share from the USA auto manufacturers. The company is troubled with the rising cost of raw materials, high wages and the persistent customer demand for lower prices.The filing covers Dana and 40 US subsidiaries. It excludes the company's European, South American, Asia-Pacific, Canadian and Mexican subsidiaries.The company, which employs 46,000 people in 28 countries including 2,117 workers in Michigan (U...
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    Tower Automotive to close operation in Greenville (USA)
    Tower Automotive has announced the closure of its metal stamping and car assembly operation in Greenville, Michigan (USA), affecting 200 hourly employees and 30 salaried employees. Difficult market conditions and overall restructuring efforts to become more competitive have led Tower to close the plant. The company is also proceeding with a trial seeking to reject its union contracts as part of its Chapter 11 turnaround process. Despite reaching a deal on benefit changes for retirees from ...
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    US bankruptcy court gives Tower Automotive 90 days extension on Chapter 11 plan
    The bankruptcy court overseeing the Chapter 11 case of Tower Automotive Inc. approved the company's request for a 90-day extension of the company’s exclusive rights to reorganize its business. An order from the US Bankruptcy Court in Manhattan extended the company's sole right to file a plan to 28 April 2006 and its exclusive solicitation period to attract creditor votes to 27 June 2006. Bankruptcy law requires companies operating under Chapter 11 to submit a plan outlining how creditors will ...
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    Tower Automotive to scale down its North American operations by January 2007
    Tower Automotive Inc. wants to scale down its North American operations as part of its strategy to return to profitability and emerge from Chapter 11 reorganization. According to documents filed by the company on 4 January 2006 in US Bankruptcy Court, the company wants to reduce the number of its North American plants from 24 to about 15 by January 2007.According to Tower Automotive, these cuts are necessary to improve efficiency and competition.North America brings in the most sales for the com...
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    Tower Automotive reports net sales of US$712.55m for the third quarter of 2005
    Tower Automotive released its financial information for its third quarter ended 30 September 2005. The company had net sales of US$712.66m in the third quarter of 2005 compared to US$722.33m in the third quarter of 2004. Net loss was US$76.56m compared to US$20.22m in the third quarter of 2004 and operating loss in the third quarter of 2005 was US$49.83m compared to operating loss of US$3.14m in the corresponding period of previous year. In the first nine months of financial year 2005 Tower...
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