Lawyer defends Hendrick pardon
CHARLOTTE, N.C. - An attorney for Charlotte car dealer Rick Hendrick has denied a connection between a pardon Hendrick received from President Clinton and a donation made to the Clinton Presidential Library.
Attorney John Arrowood said neither he nor Hendrick was aware of a $500,000 pledge to the library by the Bank of America Foundation until it was reported by the news media, the Associated Press reported.
Hendrick, 51, pleaded guilty to mail fraud in 1997 in connection with a bribery and kickback scandal at American Honda Motor Co. Inc. The wire service said Hendrick got the pardon with the help of a reference letter from Bank of America CEO Hugh McColl Jr., a friend of Hendrick and political ally of Clinton.
TRW cuts 1,000 jobs
CLEVELAND - TRW Inc. will slash about 1,000 salaried jobs in its automotive parts group by the end of March and take an after-tax restructuring charge of $40 million, 85 percent of which is cash.
Executives with the Cleveland conglomerate expect to recover the cash cost by year end, according to a March 1 filing with the Securities and Exchange Commission.
The cutbacks come in the wake of price pressures for suppliers coupled with the industry downturn. TRW forecasts that car and light-truck production in 2001 will drop by 10 percent in North America and by 2 percent in Western Europe. Commercial truck production in North America is expected to decline by more than 20 percent.
Dana to close plant
TOLEDO, Ohio - Dana Corp. will close its 118,000-square-foot Fluid Systems plant in Kendallville, Ind., by June 30.
The plant supplies Visteon Corp. with fuel senders that are used in Ford Motor Co. vehicles and fuel lines for General Motors and Delphi Automotive Systems Corp.
The fuel line business will be moved to Dana's San Luis Potosi, Mexico, plant, and the fuel sender operations will be transferred to a plant in Archbold, Ohio, which is about 55 miles from Kendallville. Dana also may outsource some of the plant's work to other suppliers.
Dana will lay off the Kendallville plant's 148 employees, of whom 122 are hourly. These workers will be given hiring priority if positions are available at Dana's nearby plants in Angola, Ind., and Archbold.
The Kendallville plant was part of Dana's 1998 Echlin Inc. acquisition.
Simula cuts work force
PHOENIX - Safety systems supplier Simula Inc. completed a 7.5 percent reduction in its global work force last week. The 60 job cuts were part of a restructuring. In addition to the cuts, about 40 budgeted positions will not be filled and facilities are being consolidated to reduce costs.
The restructuring also includes exiting unprofitable business, eliminating redundancies and reducing r&d expenditures. The downsizing is not because of a slowdown in Simula's business or economic conditions, company officials said.