Auto parts giant faces bumpy ride as business starts to vanish

Article Abstract:

A.G. Simpson Automotive Inc. is selling its metal blanking and polishing operations as it faces problems of loss of business and executives. Simpson is selling the metal blanking and polishing operations in Oakville, Ontario, to raise money for its bumper and metal stamping businesses. Simpson lost the front bumpers contract with General Motors Corp., a business valued at around C$150 million annually. The company also lost a contract to supply Chrysler Corp. with frames. Several company executives, including Andries Mellema, president of the bumper division, and Bruce Johnson, head of the metal finishing operations, left Simpson in 1998. The auto parts maker estimates revenue to drop to approximately C$600 million in 1998.

Comment:

Is selling its metal blanking & polishing operations in Oakville, Ontario, as it faces problems of loss of bsns & executives

Asset sales & divestitures, Facilities & equipment, A.G. Simpson Automotive Inc.

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Tesma executive bonuses rise between 10%-32%

Article Abstract:

Tesma International Inc.'s bonuses for its senior officials rose between 10% and 32% in fiscal 1998. The bonus of Manfred Gingl, who is the president and CEO of the auto parts firm based in Concord, Ontario, increased 17% from C$551,638 to C$645,866, but his salary dropped C$100,000 to C$300,000. Meanwhile, the bonus of Tesma Executive Vice-President and CFO Anthony Dobranowski, who receives a yearly salary of C$100,000, increased 12%. Likewise, the bonuses of company vice-president of sales and marketing Pasquale Cerullo and company vice-president of planning and corporate development David Carroll increased 10% and 29%, respectively.

Comment:

Its bonuses for its senior officials increase between 10% and 32% in fiscal 1998

Management development, Tesma International Inc.

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