auto parts manufacturers,auto parts suppliers

Thursday 1 May 2008

Tomkins, the global engineering and manufacturing group, sets out below its Interim Management Statement in relation to trading to date for the 2008 financial year.

The Company’s Annual General Meeting will be held today at 11.00 a.m. at the Queen Elizabeth II Conference Centre, Broad Sanctuary, Westminster, London SW1P 3EE.

James Nicol, Chief Executive Officer, commented:
“Tomkins’ performance to date has been resilient. Our managers continue to take steps to mitigate the continuing US headwinds and to offset the impact of rising commodity prices through global sourcing, lean initiatives and price increases to our customers. Our businesses have continued to grow in emerging markets and we have seen strong demand in the global industrial sector. Good progress has been made in our stated Group priorities, including the three-year performance improvement programme, and we have made two bolt-on acquisitions and a joint venture in high-growth markets since the beginning of the year.”

Performance year to date

Industrial & Automotive (”I&A”)
I&A performed in line with expectations during the early months of the year. The business generated good growth in the global industrial and agricultural businesses. I&A’s performance in the oil and gas markets was bolstered at the beginning of March by the acquisition of A.E. Hydraulic (Pte) Ltd., a provider of hydraulic and industrial hose solutions and services for the oil exploration industry in Asia. Latin America, India and China continue to contribute to the overall performance of the I&A business. Stackpole, now a part of the Gates business, formed a joint venture with Halla Group of Korea, which will enable it to enter the attractive Asian markets with a local partner and grow the business through their combined expertise. The positive momentum in emerging markets is offsetting weaker demand from North American automotive equipment manufacturers. The Schrader Electronics business announced a contract to supply breakthrough technology for fuel level sensors to BMW Motorcycles.

Building Products (”BP”)
Air Systems Components (“ASC”) saw a steady performance in the North American non-residential construction market. ASC continues to make good progress with its expansion plans in India and announced the acquisition of a controlling stake in Rolastar, a duct profile manufacturer. BP saw a number of contract wins, including two awards for infrastructure projects in Australia and the Middle East. BP’s residential businesses continue to be impacted by the declining US residential housing market and management is taking the required actions to mitigate the impact on performance.

Financial position (unaudited)
There has been no material change in the financial position of the Group during the period. As at 29 March 2008, the Group’s net assets were $2,335.4 million (29 December 2007: $2,254.8 million) and its net debt was $682.6 million (29 December 2007: $591.5 million).

Change of reporting currency
As indicated in the 2007 Preliminary Results Announcement, the Group’s reporting currency was changed from Sterling to the US Dollar with effect from the beginning of 2008. The Group’s primary financial statements and business segment information for 2007, originally reported in Sterling, have been translated into US Dollars and are provided in a separate press release published today.

Outlook for 2008
The majority of the end markets the Group sells into remain reasonably robust, with particular strength in the global industrial and agricultural markets. However, since the date of our results some of the Group’s end markets have weakened further. North American automotive production is now expected to be at 14.1 million units for 2008 compared to the original outlook of 14.4 million units. The US residential housing market continues to soften and US housing starts are now expected to be at around 0.9 million units for 2008, compared to the original outlook of just over 1.0 million units. Our internal action plans are progressing well and accordingly the Group’s outlook for 2008 remains in line with the outlook communicated in the 2007 Preliminary Results Announcement.

Notes to editors
Tomkins is a global engineering and manufacturing group with market and technical leadership across two business groups: Industrial & Automotive and Building Products. Tomkins plc’s ordinary shares are listed on the London Stock Exchange under the symbol TOMK and also trade in ADR form on the New York Stock Exchange under the symbol TKS.

VAN BUREN TOWNSHIP, Mich., May 19, 2008 – Visteon Corporation (NYSE: VC) today announced that it has commenced a tender offer for up to $344 million of its 8.25 percent notes due August 2010 (the “Old Notes”). Each Eligible Holder (as defined below) who tenders Old Notes in the tender offer is required, as a condition to such Eligible Holder’s participation in the tender offer, to purchase a principal amount of Visteon’s new 12.25 percent senior notes due 2016 (the “New Notes”) equal to 60 percent of the aggregate principal amount of Notes purchased from such Eligible Holder pursuant to the tender offer at a purchase price equal to 91.621 percent of the principal amount thereof. The tender offer and offering of New Notes are being made only to holders of the Old Notes that are qualified institutional buyers and institutional accredited investors inside the United States, and to certain non-U.S. investors located outside the United States (“Eligible Holders”).

The total consideration for each $1,000 principal amount of Old Notes validly tendered and not withdrawn pursuant to the tender offer is $978.30 (“Total Consideration”). Eligible Holders must validly tender and not withdraw Old Notes and commit to purchase the applicable amount of New Notes on or prior to 5 p.m., New York City time, on June 2 (“Early Tender Deadline”) in order to be eligible to receive the Total Consideration for such Notes purchased in the tender offer. The Total Consideration includes an early tender payment (“Early Tender Payment”) of $40 per $1,000 principal amount of Notes payable in respect of Old Notes validly tendered and not withdrawn on or prior to the Early Tender Deadline. The tender offer will expire at 11:59 p.m., New York City time, on June 16, 2008 (the “Expiration Date”), unless extended or earlier terminated by Visteon. Holders who validly tender their Old Notes and commit to purchase the applicable amount of New Notes after the Early Tender Date and on or prior to the Expiration Date will be eligible to receive an amount, paid in cash, equal to the Total Consideration less the $40 Early Tender Payment per $1,000 principal amount of Old Notes tendered (the “Tender Consideration”). Tenders of Old Notes may be withdrawn at any time before the Early Tender Deadline, but not thereafter, unless Visteon reduces either the principal amount of the Old Notes subject to the tender offer or the Total Consideration or withdrawals are otherwise required by law to be permitted.

Prior to launching the tender offer, Visteon had discussions with Eligible Holders of approximately $201 million in aggregate principal amount of the Old Notes regarding the proposed terms and conditions of the tender offer and the offering of New Notes. Based on such discussions, Visteon believes that such holders intend to tender all of their Old Notes pursuant to the terms of the tender offer and purchase the required amount of New Notes. Eligible Holders whose Old Notes are accepted for payment in the tender offer shall receive accrued and unpaid interest in respect of such purchased notes from the last interest payment date to, but not including, the settlement date for the tender offer and the offering of New Notes, which is expected to be June 18, 2008, unless the tender offer is extended by Visteon, assuming all conditions to the tender offer have been satisfied or waived. In the event of an over-subscription of the tender offer, Old Notes tendered on or prior to the Expiration Date will be subject to proration.

Visteon’s obligation to accept for payment and to pay for Old Notes validly tendered and not withdrawn pursuant to the tender offer is conditioned upon (a) the tender of no less than $300 million in aggregate principal amount of Old Notes, (b) the consummation of the concurrent offering of New Notes to the Eligible Holders and the satisfaction by each Eligible Holder tendering Old Notes of such Eligible Holder’s obligation to purchase its applicable amount of New Notes in the concurrent note offering, and (c) satisfaction of certain general conditions.

The New Notes will be senior unsecured obligations of Visteon Corporation and will be guaranteed by certain of its U.S. subsidiaries. The New Notes will mature on Dec. 31, 2016, and will bear interest at a rate per annum equal to 12.25 percent. The New Notes will include a put option pursuant to which a holder can require Visteon to repurchase all or a portion of such holder’s New Notes on Dec. 31, 2013 at 100 percent of the principal amount thereof plus accrued and unpaid interest to such date. All or a portion of the New Notes can be redeemed by Visteon (a) prior to Dec. 31, 2013, at par plus a make-whole premium and (b) on or after Dec. 31, 2013, at specified redemption prices, plus in each case accrued and unpaid interest, including, if applicable, liquidated damages on the principal amount of New Notes being redeemed.
The New Notes have not been and will not be registered under the Securities Act or any state securities laws. Therefore, the New Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This press release does not constitute an offer to purchase any securities or a solicitation of an offer to sell any securities. The tender offer and the offering of New Notes is being made only pursuant to an offer to purchase, an offering memorandum and related letter of transmittal and only to such persons and in such jurisdictions as is permitted under applicable law.

Visteon Corporation is a leading global automotive supplier that designs, engineers and manufactures innovative climate, interior, electronic and lighting products for vehicle manufacturers, and also provides a range of products and services to aftermarket customers. With corporate offices in Van Buren Township, Mich. (U.S.); Shanghai, China; and Kerpen, Germany; the company has facilities in 26 countries and employs approximately 40,000 people.

FOUNTAIN VALLEY, Calif. - Hyundai Motor America has announced prices for its new flagship, the all-new Genesis sports sedan, starting at $33,000 for a well-equipped 290-horsepower V6 and $38,000 for the 375-horsepower V8 model.

“When we first showed the production Genesis earlier this year, we committed to deliver the interior package of flagship European luxury sedans, world-class driving dynamics, and pricing comparable to entry-level premium brand vehicles,” said John Krafcik, vice president, product development and strategic planning, Hyundai Motor America. “Today, we’re delivering on a key part of that commitment, with a very well-equipped Genesis sedan priced below the most basic Infiniti G35 or BMW 3-Series.”

While Genesis will compete for customers with cars like Lexus ES, Chrysler 300 and Cadillac CTS, Genesis’ performance capabilities and luxury features are comparable to sedans costing tens of thousands of dollars more. With base prices of $33,000 for a well-equipped 3.8-liter V6, and $38,000 for a 4.6-liter V8, Genesis makes a premium driving experience accessible to a wide range of customers. Genesis goes on sale at Hyundai dealerships in July, delivering the kind of value equation American car buyers have come to expect from Hyundai.

Genesis is built on Hyundai’s all-new, performance-driven rear-wheel-drive architecture, with an advanced five-link suspension at all four corners. It offers two powertrains, the 290-horsepower Lambda 3.8-liter V6 engine mated to an Aisin six-speed automatic transmission, and Hyundai’s all-new Tau 4.6-liter V8 engine mated to a ZF six-speed automatic transmission. Both deliver outstanding fuel economy.

The Tau produces 375 horsepower using premium fuel and 368 horsepower using regular unleaded, leading all competitors in specific output (horsepower per liter), while also outperforming all V8 performance sedans with a projected fuel economy estimate of 17 city/25 highway. Genesis 3.8 achieves EPA fuel economy estimates of 18 city/27 highway, which outperforms the V6 engines in many smaller, mid-size cars (e.g., Nissan Altima, Ford Fusion) on the highway. With technology rivaling more expensive luxury sedans, Genesis showcases features such as XM NavTraffic, Adaptive Front Lighting System (AFLS), Lexicon(R) audio systems and electronic active head restraints.

Genesis 3.8 - Standard Equipment
All Genesis 3.8 models come very well-equipped, including a 3.8-liter DOHC V6 engine, Aisin six-speed automatic transmission with Shiftronic(TM), Electronic Stability Control (ESC) with traction control, Anti-lock Braking System (ABS) and 17-inch alloy wheels with P225/55R17 tires. Additional standard equipment includes advanced front airbags, front and rear seat-mounted side airbags, roof-mounted side curtain airbags, electronic front head restraints, fog lamps, automatic headlights, dual power heated side mirrors with turn signal indicators, leather seating surfaces with heated front seats, power seats, cruise control, Hyundai’s signature white and blue interior lighting with electroluminescent cluster, proximity entry with electric push button start, leather-wrapped tilt steering wheel with audio controls, dual front fully automatic HVAC, electrochromic auto-dimming interior rearview mirror with Homelink and compass, AM/FM/CD/MP3/XM (3-month subscription) with iPod/USB and auxiliary input jacks, Bluetooth and floor mats.

Genesis 4.6 - Standard Equipment
The Genesis 4.6 builds on the standard equipment found on the Genesis 3.8, adding a 4.6-liter DOHC V8, ZF six-speed automatic transmission, unique 18-inch hyper-silver alloy wheels with P235/50R18-inch tires, chrome lower bodyside moldings, ultra-premium leather seating surfaces, leather-wrapped dash and door trim inserts, power glass sunroof with tilt and slide, power tilt and telescopic steering column, integrated memory system, Lexicon 15-speaker surround sound audio system, six-disc CD changer, illuminated scuff plates, wood-trimmed leather steering wheel, electrochromic auto-dimming interior rearview mirror with Homelink and compass, power rear sunshade and rain-sensing wipers with auto defogger windshield.

Courtesy : Hyundai Motor America

Stuttgart– Customer satisfaction and brand loyalty are major factors that contribute to Daimler AG’s long-standing success in the passenger car and commercial vehicle sectors. Since its establishment in 1998, the Mercedes-Benz Customer Assistance Center (CAC) in the Dutch city of Maastrichthas been a key precondition for customer satisfaction. Over the last ten years, the CAChas become the primary contact and service center for established and potential customers all over Western Europe. The facility’s employees, who are recruited from 13 different European countries, are available 24 hours a day, seven days a week to provide advice and services.

“Our Mercedes-BenzCustomerAssistanceCenterin Maastrichtstrongly contributes to the continuing improvement of customer satisfaction at the Group,” says Dr. Frank Reintjes, Head of Global Service and Parts, the worldwide after-sales organization of Mercedes-Benz passenger cars, vans and commercial vehicles as well as Maybach and smart. “The international makeup of the workforce, and the great expertise on hand, mean that we offer existing and potential customers a range of services that’s unique in the automotive industry. Our staff members at CACMaastricht know everything there is to know about all of our vehicle models and the services and customer loyalty programs we offer. This comprehensive service portfolio makes the CACunique in the European automotive industry.”

The CACalso serves customers of passenger cars, vans and commercial vehicles of the Maybach, smart, EvoBus, Chrysler, Jeep, and Dodge brands as well as the Mitsubishi Canter. Staff members handle an average of around 7,000 calls per day, with inquiries ranging from requests for emergency assistance to questions regarding products and services. Employees serve customers in their own native languages and can also provide help in numerous dialects and regional languages such as Catalan.

The CustomerAssistanceCenterwas launched in October 1998 with 130 employees to provide 24-hour service for the Mercedes-Benz brand in Germany, Austria, and the Netherlands. “We intentionally picked Maastrichtback then because of its geographical position in the center of EUREGIO, the border region between the Netherlands, Germany, and Belgium. It was the ideal location to set up an international team with the outstanding language skills that are needed by a European customer center,” says Reintjes. Today, 67 percent of CACemployees come from the multilingual EUREGIO area.

ver the years, the scope of services offered by the CAChas been gradually expanded and new countries and brands have been added to the mix. The CACnow has 600 employees from 40 nations who serve established and potential customers from the following European countries: Belgium, Denmark, Germany, France, the UK, Ireland, Italy, Luxembourg, the Netherlands, Austria, Switzerland, Sweden, and Spain. Staff members are always available to help customers in the event of an emergency (24-hour service) and to provide a comprehensive range of other customer services. These include complaint management and the provision of information on passenger cars and commercial vehicles. In addition, the CACoperates customer loyalty programs, conducts surveys, and analyzes vehicle data.

As services have been expanded and new countries and brands have been added to the mix, the number of inquiries handled by the CACincreased accordingly. Since 1998, some 6.6 million customers and interested parties have taken advantage of the services offered by the CACby contacting the center either via telephone, e-mail, normal mail, or fax. CACemployees currently address an average of 2.5 million inquiries per year.