NAM sees slow recovery in 2002
WASHINGTON-The U.S. economy will hit bottom in the current recession in this quarter and recover-albeit slowly-in 2002, according to the annual economic forecast by the National Association of Manufacturers.
This recession is unlike the ones of 1982 and 1990, said NAM President Jerry Jasinowski, in that it was manufacturing-led.
``The manufacturing sector went into recession a full six months before the rest of the economy followed suit,'' Mr. Jasinowski said at a press conference. He urged Congress to pass the economic stimulus package before its annual recess, or else ``the chances of slipping back into a recession are quite significant.''
Wheel maker files Chapter 11
NORTHVILLE, Mich.-Original equipment wheel maker, Hayes Lemmerz International Inc., has filed for Chapter 11 bankruptcy protection, blaming its problems on excessive debt and declining market conditions.
The company, considered the largest automotive wheel maker worldwide, said it has lined up $200 million in ``debtor-in-possession'' financing from a group of lenders that will be used to fund post-petition operating expenses and meet supplier and employee obligations. Prior to the filing, Hayes Lemmerz had begun a restructuring aimed at reducing operating costs.
Hayes Lemmerz reported $1.36 billion in wheel sales for the year ended Jan. 31, 2001.
Magazine honors Bridgestone tire
NASHVILLE, Tenn.-The Bridgestone Potenza S-03 Pole Position high performance tire was honored recently by european car magazine with its ``Select Gear 2001'' award.
The staff of european car chooses 10 winners annually from the aftermarket parts, accessories and service arenas to receive this recognition, which is given for quality and soundness of operation.
Phil Pacsi, director of BFS' consumer tires brand/retail marketing, said the company was honored to receive the award.
The magazine, published by McMullen Argus Publishing, announced the awards in its December issue.
Schrader nets monitor contract
ANTRIM, Northern Ireland-The Schrader Electronics unit of Tomkins P.L.C. has won a contract to supply its Gen II tire pressure monitoring sensor for General Motors Corp. light truck platforms destined for sale in the U.S.
The contract covers North American built GM pickups and sport utility vehicles as well as several car and SUV models produced in Europe and Asia under the Fiat, Opel, Subaru and Isuzu brands for sale in the U.S.
The Gen II system monitors tire pressure by using electronic sensors attached to the tire valve to transmit pressure data from each wheel to displays on the dashboard or rear view mirror.
Honda honors BFS factory
WILSON, N.C.-Honda of America Mfg. has presented Bridgestone/Firestone's Wilson, N.C., tire factory with a Plant Manager's Award for its outstanding commitment to customer service.
The Marysville, Ohio-based auto maker honored the plant Oct. 26 citing its rapid response in providing tires for the launch of the all-new Honda Civic last year.
The Wilson plant provides tires for all Civics built at the company's East Liberty, Ohio, plant and the Honda of Canada Mfg. factory in Alliston, Ontario, according to a Honda spokesman.