Delco Remy goes private
WILMINGTON, Del. - A Citigroup Inc. unit has completed its buyout of automotive supplier Delco Remy International Inc. The last step of the buyout, which converted the Anderson, Ind., company from public to private, involved merging a subsidiary of Citigroup's Court Square Capital Ltd. into Delco Remy. The merger and completed acquisition follow Court Square's purchase of Delco Remy's Class A common stock for $9.50 a share. Citigroup Venture Capital had been a major investor in Delco Remy since the auto parts producer was spun off from General Motors in 1994.
New Acura TL is $29,360
LOS ANGELES - Acura Division has priced its 2002 TL sedan at $29,360, including the destination charge. It is $330, or 1.1 percent, more than the 2001 model. For 2002, a high-performance Type-S sedan is offered at $31,710. The TL is Acura's best seller, accounting for 41 percent of sales in the first two months of this year.
Autodaq to remarket rentals
MENLO PARK, Calif. - ANC Rental Corp. will use Autodaq Corp.'s online auction service to remarket ANC's retired rental-car fleet. ANC, of Fort Lauderdale, Fla., is the parent company of Alamo Rent A Car and National Car Rental. Autodaq, of Menlo Park, Calif., is an automotive remarketing company that provides technology for the wholesale used-car market. Terms of the deal were not released.
Toyota has hydrogen fuel cell car
TOKYO - Toyota Motor Corp. unveiled a fuel cell vehicle based on the Highlander sport-utility and powered by pure hydrogen fuel. The FCHV-3 features a 90 kilowatt polymer-electrolyte fuel cell stack powering an 80 KW electric motor; a secondary nickel-metal-hydride battery is used to store energy from braking regeneration. Toyota said the five-seat vehicle will attain speeds 'higher than' 93 mph and has a cruise distance of more than 186 miles. Unlike other carmakers, Toyota has not committed itself to one kind of fuel in its fuel cell research. But it said it expects hydrogen to become the dominant fuel in the future because of its inherent cleanliness and efficiency.
Dana's marketing VP retires
TOLEDO, Ohio - Tom Feely, Dana Corp. vice president of marketing, has retired.
Feely, 65, held the post since 1993. His duties are being divided among three sales managers: Dave Majors, Larry Slevins and Ed Kammann, who are at Dana's Farmington Hills, Mich., office.
As director of international sales and marketing for the supplier's Structural Products Group in the early 1990s, Feely helped expand Dana's relationships with Japanese automakers such as Toyota Motor Corp.
Feely joined Dana via its 1977 acquisition of the Weatherhead Co., where he worked in the sales department. Dana's Boston Weatherhead Division makes rubber hoses. Feely will continue to work with Dana on special projects.