plus 4, Delphi Automotive creates new board of directors, will be led by ... - Minneapolis Star Tribune |
- Delphi Automotive creates new board of directors, will be led by ... - Minneapolis Star Tribune
- GM firm to boost Delphi plant - Democrat and Chronicle
- TRW Automotive turns 3Q profit on lower costs - Findlaw.com
- Hyundai sales surge nearly 49 percent on strong demand for 2010 models - Hartford Courant
- TRW Automotive reports $56M profit in 3rd quarter, lifted by cost ... - Cleveland News - Fox 8
| Delphi Automotive creates new board of directors, will be led by ... - Minneapolis Star Tribune Posted: 04 Nov 2009 01:15 PM PST NEW YORK - Delphi Automotive LLP, which exited bankruptcy protection last month, said Wednesday that it has created a new board that will be led by former DuPont Chairman John Krol. The Troy, Mich., auto parts supplier has also tapped General Motors executive Gary Cowger for a seat. Cowger, 62, serves as GM's group vice president of global manufacturing and labor relations but plans to retire from the company on Dec. 1. Delphi is a crucial parts supplier for GM, which spun the company off in 1999. The company emerged from bankruptcy protection in early October after completing a deal with its lenders and receiving a promise for billions in loans from GM. On Monday, GM said it received permission to use $2.8 billion of its government aid to help buy a stake of the parts supplier, which was known as Delphi Corp. before its emergence from Chapter 11 protection. Elliott Management and Silver Point Capital, the lenders that helped bring Delphi out of bankruptcy, also own a stake. Privately held Delphi said the remainder of the board will be filled with individuals from a variety of fields, including those experienced in electronics, finance and automotive manufacturing and supply. Among them are Rajiv Gupta, former chairman and CEO of specialty materials producer Rohm and Haas Co., and J. Randall MacDonald, senior vice president of human resources at IBM. Other board members include Xerox Corp. Vice Chairman and Chief Financial Officer Lawrence Zimmerman and Flextronics International Ltd. CEO Michael McNamara. The company said it expects to make other appointments as well. "We are pleased that these talented, highly respected leaders will guide Delphi on our journey as a new company," Delphi President and CEO Rodney O'Neal said in a statement. This content has passed through fivefilters.org. |
| GM firm to boost Delphi plant - Democrat and Chronicle Posted: 04 Nov 2009 02:20 PM PST If the automotive market expands following the recession and if General Motors Co. can grab some new fuel system orders, the future will be bright for the former Delphi Corp. plant at 1000 Lexington Ave. in Rochester. That was the consensus Tuesday of officials from GM Components Holding LLC, the General Motors subsidiary that a month ago took ownership of some major Delphi assets. The Lexington Avenue plant, which produces fuel systems for a number of different engines, employed 3,000 workers as recently as 1999. The plant now employs 880 people, according to manager Neal Evans. Bill Shaw, general manager of GM Components Holding, said during a conference call that the goal of the company is to attract new manufacturing lines of fuel systems to Rochester, perhaps from customers beyond its auto industry base. Delphi, once GM's parts division, was spun off as a separate company in 1999 but filed for bankruptcy in 2005 and didn't emerge from Chapter 11 until last month. A federal bankruptcy judge allowed GM to retake some Delphi manufacturing operations, including plants in Rochester and Lockport, Niagara County, as well as in Indiana and Michigan. Parts of the company not acquired by GM are operating as a separate entity called Delphi Holdings LLP. Shaw said GM took control of the Delphi facilities on Oct. 6. GM has received permission to use $1.1 billion of its U.S. government aid to help buy the Delphi plants. The deal ensures a steady supply to the automaker, with the former Delphi plants producing about 10 percent of the parts used in GM's global manufacturing. GM takes the vast majority of the powertrain parts made in Rochester and the radiators, heater cores, oil coolers and air-conditioning units made in Lockport. GM officials indicated they are happy to keep the old Delphi operations in upstate New York. "I couldn't be prouder of the work force," said Evans. This content has passed through fivefilters.org. |
| TRW Automotive turns 3Q profit on lower costs - Findlaw.com Posted: 04 Nov 2009 02:41 PM PST
LIVONIA, Mich. (AP) - TRW Automotive Holdings Corp. posted a third-quarter profit of $56 million on Wednesday, as cost cuts helped the auto parts supplier recover from a loss a year earlier. It also raised its full-year sales forecast. Its shares rose $1.27, or 7.5 percent, to close at $18.25. The maker of automotive safety systems attributed the improved third-quarter results to cost cutting efforts, which helped offset falling sales. TRW and other auto parts suppliers have been forced to slash costs as automakers have cut production over the last year, though the company said that trend has begun to reverse. "The benefits achieved from our restructuring and cost containment actions combined with increasing vehicle production schedules had a significant positive impact on our third quarter results," John C. Plant, President and CEO, said in a statement. The company said its profit for the quarter ended Oct. 2 came to 50 cents per share, well ahead of Wall Street's expectations. The company lost $54 million, or 53 cents per share, in the same period last year. Excluding restructuring and other charges, the company earned 68 cents per share. Revenue fell 13.5 percent to $3.12 billion from $3.59 billion a year ago. Analysts surveyed by Thomson Reuters expected the company to report a smaller profit of 16 cents per share on $2.87 billion in revenue, on average. Such estimates typically exclude charges and other one-time items. The company said it expects 2009 sales of $11.4 billion. Earlier in the year, it forecast between $10.5 billion and $10.9 billion. 2009-11-04 22:06:55 GMT
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| Hyundai sales surge nearly 49 percent on strong demand for 2010 models - Hartford Courant Posted: 03 Nov 2009 08:26 PM PST Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. This content has passed through fivefilters.org. |
| TRW Automotive reports $56M profit in 3rd quarter, lifted by cost ... - Cleveland News - Fox 8 Posted: 04 Nov 2009 01:51 PM PST LIVONIA, Mich. (AP) — TRW Automotive Holdings Corp. posted a third-quarter profit of $56 million on Wednesday, as cost cuts helped the auto parts supplier recover from a loss a year earlier. It also raised its full-year sales forecast. Its shares rose $1.27, or 7.5 percent, to close at $18.25. The maker of automotive safety systems attributed the improved third-quarter results to cost cutting efforts, which helped offset falling sales. TRW and other auto parts suppliers have been forced to slash costs as automakers have cut production over the last year, though the company said that trend has begun to reverse. "The benefits achieved from our restructuring and cost containment actions combined with increasing vehicle production schedules had a significant positive impact on our third quarter results," John C. Plant, President and CEO, said in a statement. The company said its profit for the quarter ended Oct. 2 came to 50 cents per share, well ahead of Wall Street's expectations. The company lost $54 million, or 53 cents per share, in the same period last year. Excluding restructuring and other charges, the company earned 68 cents per share. Revenue fell 13.5 percent to $3.12 billion from $3.59 billion a year ago. Analysts surveyed by Thomson Reuters expected the company to report a smaller profit of 16 cents per share on $2.87 billion in revenue, on average. Such estimates typically exclude charges and other one-time items. The company said it expects 2009 sales of $11.4 billion. Earlier in the year, it forecast between $10.5 billion and $10.9 billion. Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.  This content has passed through fivefilters.org. |
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