Graco Inc. said Thursday that it agreed to pay $650 million in cash for Illinois Tool Works Inc.’s finishing businesses. Get the full story »
Inside these posts: Auto parts
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Sears sues to keep DieHard name off sex spray
Sears Roebuck and Co. and one of its companies have filed suit in U.S. District Court in Chicago against a Georgia online company for selling a sexual enhancement product marketed under the “DieHard” brand name.
Sears and KCD IP LLC, an affiliate of Sears which owns trademark rights to “DieHard,” charge that RockHard Laboratories LLC and RockHard Laboratories Holdings LLC infringed on its trademark and caused its reputation to suffer from the online marketing of RockHard’s topical desensitizing spray. Get the full story »
Littelfuse raises 1Q guidance
A Littelfuse R&D facility at 2110 S. Oak Street, Champaign, Ill. (BusinessWire)
Littelfuse, Inc., said its fiscal first quarter earnings would be better than expected, thanks to solid sales across most of its market but primarily in the automotive sector.
The Chicago-based company, which reports on its first quarter May 5, said it expects quarterly earnings to be in the range of 96 cents to 98 cents per share, including a non-cash accounting charge of 12 cents a share. Get the full story »
Toyota to resume limited production in Japan
Workers walk between newly-assembled Prius vehicles near Toyota's plant in Toyota, central Japan, in this February 9, 2010 file photo. (Reuters/Yuriko Nakao/Files)
Toyota Motor Corp. and Nissan Motor Co. said Friday that they will resume production at all factories in Japan from mid-to-late April, joining Honda Motor Co. in an industry-wide move indicating a month-long parts shortage may be abating.
But Japan’s Big Three auto makers all say their output at home still will be only at half of normal volumes. Get the full story »
LKQ arranges $1B in borrowing
Replacement car part maker LKQ Corp. said on Friday that it has arranged $1 billion in borrowing, replacing a $750 million line due to expire in October 2013. Get the full story »
General Motors halts some production at plant
General Motors Co. is halting some production at its Buffalo, N.Y., engine plant because of a slowdown in parts from Japan. Get the full story »
U.S. finds no defect in Toyota’s electronic throttles
A row of Toyota Prius cars at a sales lot in Daly City, Calif., Feb. 3, 2010. (Justin Sullivan/Getty Images)
A U.S. government investigation showed no link between electronic throttles and unintended acceleration in Toyota vehicles, a victory for the world’s top automaker battered by recalls over runaway vehicles.
The encouraging result for Toyota stems from a 10-month probe ordered by Congress following recalls of nearly 8 million of its best-selling models in the United States over defective floor mats and accelerator pedals that hurt its reputation for quality.
Some safety advocates and congressional investigators questioned whether software-driven throttles also played a role in unintended acceleration complaints. Get the full story »
Illinois Tool Works to double acquisitions in 2011
Illinois Tool Works Inc. expects business acquisitions in 2011 to bring the company $800 million to $1 billion a year in additional revenue, nearly double the amount from 2010.
Chairman and Chief Executive David Speer said the company’s pipeline of potential acquisitions steadily improved throughout 2010, allowing the company to step up its acquisition goal for 2011. Last year, the company bought 24 companies with combined annual revenues of $530 million. Prior to 2009, ITW had been averaging $1 billion a year in acquired revenue. But the economic recession soured the market for acquisitions. Get the full story »
Production at Ford’s Chicago plant halted by snow
Bloomberg News | Snowstorms that closed roads in the Midwest and Canada delayed parts delivery and reduced or halted production at seven GM and Ford plants, including the Chicago Assembly Plant.
LKQ Corp. president Holsten to resign in 2011
Recycled auto parts supplier LKQ Corp. announced Tuesday its current CEO Joseph Holsten will resign his position late next year, but will first serve as co-CEO for one year with Robert Wagman, the company’s current vice president of operations, to ease the transition for Wagman. Holsten, who has served as president and CEO since November 1998, will step down December 31, 2011.
After his resignation, Holsten will stay on at the company as vice chairman of the board and as a consultant for operations and corporate strategy.
U.S. auto market picks up speed in November
Though still far from robust, the U.S. auto market continued its slow recovery in November as consumers headed for showrooms, enticed by heavy month-end advertising.
General Motors Co. the first of the major automakers to report Wednesday, said that November sales rose 21% from a year earlier, to 168,704 vehicles, after factoring out the Pontiac, Hummer, Saturn and Saab brands it closed or sold as part of its bankruptcy reorganization last year.
Through the first 10 months of this year — prior to the reports of November sales — the industry has been averaging about an 11% gain. Get the full story »
Sources: GM planning to drop Goodwrench in U.S.
From Automotive News | General Motors Co. is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, sources say.
Toyota asks court to dismiss acceleration lawsuits
Toyota Motor Corp. is asking a federal court to throw out lawsuits over acceleration defects in its cars, saying many of the plaintiffs never identified any defect or experienced sudden, unintended acceleration. Get the full story »
LKQ Corp. tops Street; company ups earnings view
Automobile-parts recycler LKQ Corp. posted third-quarter results that beat market estimates, partly helped by a rise in its parts and services revenue, and raised its full-year 2010 adjusted earnings outlook.
LKQ, with a market value of about $3.14 billion, buys wrecked cars at auctions and salvages reusable parts like engines and doors, and distributes them to mechanical repair shops or directly to customers. Get the full story »
Nissan recalls 2 million vehicles worldwide
Nissan is recalling 2.14 million vehicles worldwide including the popular March and Mycra subcompacts for an ignition problem that may stall the engine — its third-largest recall ever.
