Dana to restate financial information
Dana Corp. will restate its financial statements for 2004 and the first half of 2005 as the company found it had not properly accounted for certain items during that time period. The company also has postponed its third-quarter 2005 earnings release and is withdrawing its earnings guidance for full-year 2005.
As a result of the firm's ongoing internal investigations, Dana found that its ``financial statements for these periods should no longer be relied upon and that restatements will be required for these periods.''
The firm said the restatements will correct issues involving customer pricing and transactions with suppliers in Dana's Commercial Vehicle business.
ISP raises prices up to 4.5 cents a pound
International Specialty Products Inc. raised prices on its styrene-butadiene rubber Sept. 13 or when contracts allow by 3.5 to 4.5 cents per pound, depending on the grade.
The company cited continuously escalating costs of energy, monomers, process oils and carbon black for the increases. ISP said the price hikes will support ISP Elastomers' continued investment at its Port Neches, Texas, plant.
The increases are 4.5 cents for the 1500 series, 3.5 cents for the 1600 series, 4 cents for 1700 series and 3.5 cents for the 1800 series.
Parker Hannifin buys aftermarket firm
Parker Hannifin Corp. has purchased Filtran Aftermarket Products Inc., a supplier of aftermarket components-including elastomer seals and O-rings-used in the rebuilding of automotive transmissions.
Details of the acquisition of Filtran from SPX Corp. were undisclosed, but the Miami Lakes, Fla.-based company had revenues of $33 million in 2004. Cleveland-based Parker will integrate the business into its Seal Group and expects it to be accretive to earnings within its first full year of operation, the company said.
Filtran provides complete sealing solutions for the automotive transmission market, including re-builders, original equipment manufacturers and distributors, Parker said.
API picks finalists for innovation award
The Alliance for the Polyurethanes Industry has picked three finalists for its inaugural innovation award to be presented at the API's upcoming Polyurethanes 2005 event, to be held Oct. 16-19 in Houston.
The award, called the Infinite Possibilities of Polyurethane Innovation Award, focuses on the most innovative use of polyurethane in an end-use product. The three finalists are:
* BASF Corp.'s microcellular polyurethane/thermoplastic polyurethane coil spring isolator assembly, selected for its contributions to noise/vibration/harshness reduction in automotive applications;
* CardXX's Smart Card line, which expands the electronic capabilities of smart cards; and
* Dow Chemical Co.'s Great Stuff aerosol rigid foam dispensing system, used to apply insulation around window and door frames.
The entries will be on display at the API booth and the winner will be announced during the closing session Oct. 19, the alliance said.
The American Society for Testing and Materials has honored Thomas Liotta, formerly with Continental Tire North America Inc., with a Distinguished Service Award for his 35 years of service on industry-related committees.