Posts Tagged ‘supplier news’

Tenneco Buys Federal-Mogul for $5.4 Billion

Company will split into two publicly traded entities next year.

by on Apr.11, 2018

Billionaire Carl Icahn sold Federal-Mogul to Tenneco Inc. for $5.4 billion.

Federal-Mogul, a century old supplier of automotive component with a storied past, is being sold to Tenneco Inc. as part of a deal valued at $5.4 billion.

In recent years, Federal-Mogul – owned by Wall Street financier Carl Icahn – has gone through multiple re-organizations but has maintained its core businesses of powertrain products aftermarket parts even as it struggled to pay its debts.

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Icahn Enterprises will get $800 million in cash and 29.5 million shares of Tenneco stock. Tenneco will assume Federal-Mogul’s debt. The Lake Forest, Illinois-based auto parts maker said Tuesday that it will split the company into two parts, both to be traded publicly. (more…)

ZF’s AI = New Jobs

German supplier looking to hire 800 American engineers ASAP.

by on Jan.10, 2017

Jobs are open "immediately," says ZF CEO Sommer.

The push into smart vehicle technology is creating a burst of employment opportunities in the auto industry, as manufacturers and suppliers look for the engineering talent needed to put advanced safety and automotive vehicles systems on the road.

ZF, one of the industry’s larger suppliers, said Tuesday it will hire 800 engineers and support staff in the U.S., most of those jobs opening up “in Michigan,” said CEO Stefan Sommer, with others going to the maker’s Silicon Valley technical center.

Global Auto News!

Based in Germany, ZF Friedrichshafen AG is perhaps best known for its transmissions, such as the nine-speed gearboxes used by a wide range of manufacturers including Jaguar Land Rover and Fiat Chrysler Automobiles. But, in recent years, it has expanded into a variety of other key component systems, with a focus on digital controls, such as electronically selectable suspensions. (more…)

Trump Commerce Secretary Ross Well-Versed in Mexico Auto Business

Ross holdings include auto supplier with plants in Mexico.

by on Nov.28, 2016

Wilbur Ross, left, is greeted by Donald Trump and Mike Pence. President-elect Trump named Ross the new Commerce Secretary.

Wilbur Ross, the New York financier and tycoon President-elect Donald Trump has tapped to become the Secretary of Commerce and the principal adviser on trade issues in a Trump administration, has a big a stake in a major automotive supplier holdings in Mexico.

As secretary of commerce, Ross, 78, who has stepped back from an active role in managing companies such as the International Automotive Components Group, one of his largest holdings, will have a major role in future trade deals under Trump.

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Throughout his career, Ross has made several fortunes with shrewd investments in distressed companies. Back in the early 2000s, he made a fortune out of the North American steel industry at a time when most investors, analysts and pundits said the steel business in the U.S. was dead. (more…)

Auto Suppliers Readying for Next Round of Consolidation

Interiors wrapping up as suppliers looking cost cuts.

by on Jun.21, 2016

Auto suppliers are looking to take the cast off pieces of other companies and turn them in to profits.

The next round of auto supplier roulette appears to be ready for a new set of players. The last round occurred in the 1990s as suppliers looked to acquire complementary parts to build modules or gain size to get economies of scale.

However, while the ferocity of the frenzy may feel the same as last time, the end goal is a little different. In the past suppliers were looking to be the sole source for modules, but this time around there seems to be a focus on shedding what each company deems to be unprofitable businesses.

The Journal of Record!

One area that seems to be seeing a shift is automotive interiors. Newer suppliers seem to be ready to make a go of a business that more established players are ready to escape. (more…)

Toyota Production Again Disrupted by Supplier Problems

Impact likely to be short-term this time.

by on Jun.03, 2016

Once again, Toyota vehicle production is hampered by an event beyond its control. An explosion at a brake supplier has left it scrambling for parts.

Toyota has suspended production on a trio of Japanese assembly plants due to an explosion at one of its key supplier’s factories.

The incident occurred on Monday at a facility operated by brake manufacturer Aisin Advics on a paint line. Four people were taken to the hospital, forcing both Aisin and Toyota to go scrambling to find alternative sources for key brake parts.

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The incident has impacted several manufacturers, including minicar maker Suzuki, but Toyota appears to have taken the biggest hit, and the temporary shutdown comes as the third time this year the Japanese giant’s domestic factories have been idled by various natural and man-made disasters. (more…)

Two Suppliers Paying $14.5 Mil in Price-Fixing Suit

Money being paid to new vehicle buyers, lessees.

by on Aug.28, 2015

Two more auto suppliers are paying millions of dollars in fines related to civil suits over price-fixing allegations in multiple countries.

The damages paid by auto suppliers involved in an international price-fixing scheme continue to rise as two more Japanese companies, Fujikura Ltd. and T.Rad Co. Ltd., have agreed to pay a total of more than $14.5 million to the plaintiffs in multi-district litigation against auto parts makers.

So far lawyers for the plaintiffs in the civil suits have now recovered nearly $200 million from the suppliers, most of whom are based in Japan.

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The civil litigation is independent of the criminal charges leveled against the suppliers by the U.S. Department of Justice and authorities in Japan and the European Union. Criminal fines and penalties leveled over the cartel-like behavior of the suppliers now total more than $2.5 billion. (more…)

Suppliers Expect to Continue Move to Emerging Markets

Automakers going to ask for big cost concessions, suppliers say.

by on Mar.05, 2015

Suppliers are moving facilities to emerging markets to keep up with demands from automakers.

Suppliers are going to continue moving their operations from North America to emerging markets while enduring never-ending demands for pricing concessions from automakers, according to a new study from Boston Consulting Group.

The consulting firm, also known as BCG, suggests suppliers will continue to migrate to emerging markets in Asia, Latin America and Africa during the next half decade at the insistence of their customers.

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Even though carmakers insist they want better and more cooperative relations with suppliers, they are putting more pressure on their suppliers for cost savings. The report indicates that a new financial squeeze is on the way as the world’s biggest automakers – are preparing to demand some of the deepest cost reductions in years. (more…)

NHTSA Fining Takata $14K a Day

Supplier fails to explain data in 2.4 million documents.

by on Feb.20, 2015

Takata's Hiroshi Shimizu testified before Congress, but the company hasn't been cooperative in a federal probe about its faulty airbags.

Takata’s refusal to fully cooperate in a federal investigation of its exploding airbags responsible for the recall of more than 18 million vehicles will now cost them more than bad publicity – the company’s going to pony up $14,000 a day.

“Safety is a shared responsibility, and Takata’s failure to fully cooperate with our investigation is unacceptable and will not be tolerated,” Transportation Secretary Anthony Foxx said in a statement.

The Last Word!

The faulty inflators can explode and spew shrapnel into passenger cabin. At least six people have been killed worldwide due to the problem. The inflators are in cars made by 10 auto companies, which have all issued recalls for the affected vehicles. (more…)

Former Takata Exec Indicted in Seatbelt Price-Fixing Scam

Honda using new airbag supplier for next-gen Accord in the US

by on Jan.26, 2015

More turmoil at Takata.

Takata Corp. just received two belts of bad news: one of its former executives will face criminal charges in the U.S. and its biggest customer is cutting back on its business with the supplier.

Federal prosecutors obtained one-count indictment against Hiromu Usuda, charging him with conspiring to rig bids and fix the prices of seatbelts that Takata sold to Honda Motor Co. Ltd., Toyota Motor Corp., Nissan Motor Co. Ltd. and Mazda Motor Corp., the U.S. Department of Justice said Thursday.

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The indictment is a result of a four-year probe conducted by the U.S. and Japanese governments as well as the European Union. Takata executives have also pled guilty to other charges and paid hefty fines in connection with the price fixing investigation, which has also involved several other suppler companies that part to American and Japanese auto parts manufacturers operating in the U.S. (more…)

Takata Claims No Need for National Recall Despite Rising Death Toll

Supplier ducks responsibility during Congressional hearing.

by on Nov.20, 2014

Hiroshi Shimizu, Takata's senior vice president of quality assurance, said the company doesn't think a national recall of its airbag inflators is needed despite evidence to the contrary.

Takata Corp. executives during a U.S. Senate subcommittee hearing today said there is no need to expand its recall of 7.8 million vehicles with faulty airbag inflators from a regional action to a national effort, despite a rising number of deaths and injuries due to the airbags.

Prior to the hearing, two senators, Richard Blumenthal (D-Conn.) and Edward Markey (D-Mass.), offered evidence that the airbag explosions can happen outside the regional recall area, suggesting that a woman was killed by the airbag in 2004 in Arizona while driving one of the affected vehicles. Arizona is not one of the states in the regional recall.

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After being roundly criticized by politicians and safety groups for its past handling of recalls as well as mounting evidence – including an investigative piece by – that regional recalls are ineffective due to the transient nature of vehicles, the National Highway Traffic Safety Administration (NHTSA) acquiesced and recommended Takata and the 10 automakers involved expand the recall to national status. (more…)

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