Friday, December 16, 2005
WHEEL MASTERS RELOCATING TO THE STATE OF WASHINGTON
Wheel Masters, a manufacturer of recreational vehicle wheel cover systems and tire accessories, is relocating its operations along with 40 jobs to Vancouver, Wash., according to a report in The Columbian. The privately owned company is consolidating a fabrication and distribution business located in Stead, Nev., near Reno, and a Portland, Ore., warehousing operation into a 30,000-square-foot light manufacturing facility in Vancouver. Jerry Edwards, owner of Portland-based Crown Group One, Wheel Masters' holding company, said the new location made sense in terms of efficiency and business climate, along with access to Portland International Airport and Interstate 205. Edwards said he began scouting for property two years ago before negotiating a turn-key construction agreement with business park developer Mark Hinton. Edwards said he's investing $3 million-plus in the building. Wheel Masters makes stainless steel wheel liners, tire air hoses and extenders, wheel covers, an all-in-one trailer level, tire gauges and other accessories. Edwards also owns Portland-based Roadmaster Inc., a distributor of RV parts and accessories including towing equipment.
BELL INDUSTRIES OFFERS TO BUY THE COAST DISTRIBUTION SYSTEM
Technology company Bell Industries Inc. on Thursday reaffirmed its interest in taking over Coast Distribution System Inc., a supplier of parts for recreational vehicles and boats, while questioning whether Coast is playing it straight with shareholders on the offer.
Bell, which provides network engineering, software development and training services, also raised its offer to acquire Coast Distribution to $7.70 per share in cash, up from its initial bid of $7.16 per share. The new offer represents a 15 percent premium over Coast's average closing price over the past month of $6.69 per share.
All told, Bell is offering to pay roughly $34 million in cash and assume $16 million of debt, a spokesman said.
In a publicly released letter to Coast's board, Bell said it has yet to receive a formal response from Coast.
Meanwhile, Coast, which is based in Morgan Hill, Calif., announced earlier this month that its board had authorized it to repurchase up to an added $1.2 million of its shares from investors. Shares of the company have since gained 12 percent. The stock recently fell 15 cents or 2 percent, to $7.21 on the American Stock Exchange.
Bell said Thursday that the timing of Coast's announcement of its buyback plan "is curious and troublesome."
"We consequently raise the question of whether or not Coast is seeking to protect the interests of all of its shareholders and maximize value by offering to buy additional shares of stock at a time when it has neither informed its shareholders of our proposal nor formally responded to our offer," Bell said.
A spokesperson for Coast couldn't immediately be reached.
Bell shares fell 10 cents, or 3.7 percent, to $2.60 in afternoon trading on the American Stock Exchange.
Bell, which provides network engineering, software development and training services, also raised its offer to acquire Coast Distribution to $7.70 per share in cash, up from its initial bid of $7.16 per share. The new offer represents a 15 percent premium over Coast's average closing price over the past month of $6.69 per share.
All told, Bell is offering to pay roughly $34 million in cash and assume $16 million of debt, a spokesman said.
In a publicly released letter to Coast's board, Bell said it has yet to receive a formal response from Coast.
Meanwhile, Coast, which is based in Morgan Hill, Calif., announced earlier this month that its board had authorized it to repurchase up to an added $1.2 million of its shares from investors. Shares of the company have since gained 12 percent. The stock recently fell 15 cents or 2 percent, to $7.21 on the American Stock Exchange.
Bell said Thursday that the timing of Coast's announcement of its buyback plan "is curious and troublesome."
"We consequently raise the question of whether or not Coast is seeking to protect the interests of all of its shareholders and maximize value by offering to buy additional shares of stock at a time when it has neither informed its shareholders of our proposal nor formally responded to our offer," Bell said.
A spokesperson for Coast couldn't immediately be reached.
Bell shares fell 10 cents, or 3.7 percent, to $2.60 in afternoon trading on the American Stock Exchange.
Tuesday, December 13, 2005
RECALL
Make / Models :
Model/Build Years:
CATERPILLAR / C15
2004-2005
Manufacturer : CATERPILLAR INC.
NHTSA CAMPAIGN ID Number : 05E078000
Mfg's Report Date : DEC 12, 2005
Component: ENGINE AND ENGINE COOLING
Potential Number Of Units Affected : 55794
Summary: CERTAIN 2004 AND 2005 C15 DIESEL ENGINES MANUFACTURED BY CATERPILLAR BETWEEN OCTOBER 2003 AND APRIL 2005. THE VARIABLE VALVE ACTUATION (VVA) OIL LINE (VVA LINE) USED ON 6 CYLINDER, 15L TURBOCHARGED AND AIR-TO-AIR AFTERCOOLED DIESEL ENGINES OF 435-550 HORSEPOWER MAY WEAR AGAINST THE SHARP EDGE OF THE CYLINDER HEAD IF NOT ORIENTED CORRECTLY.
Consequence: THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A DESCRIPTION OF THE CONSEQUENCE.
Remedy: DEALERS WILL INSPECT AND ADD A SECOND CLIP TO RETAIN THE VVA LINE IF VVA LINE WEAR IS NOTED DURING INSPECTION. THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A NOTIFICATION SCHEDULE.
Model/Build Years:
CATERPILLAR / C15
2004-2005
Manufacturer : CATERPILLAR INC.
NHTSA CAMPAIGN ID Number : 05E078000
Mfg's Report Date : DEC 12, 2005
Component: ENGINE AND ENGINE COOLING
Potential Number Of Units Affected : 55794
Summary: CERTAIN 2004 AND 2005 C15 DIESEL ENGINES MANUFACTURED BY CATERPILLAR BETWEEN OCTOBER 2003 AND APRIL 2005. THE VARIABLE VALVE ACTUATION (VVA) OIL LINE (VVA LINE) USED ON 6 CYLINDER, 15L TURBOCHARGED AND AIR-TO-AIR AFTERCOOLED DIESEL ENGINES OF 435-550 HORSEPOWER MAY WEAR AGAINST THE SHARP EDGE OF THE CYLINDER HEAD IF NOT ORIENTED CORRECTLY.
Consequence: THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A DESCRIPTION OF THE CONSEQUENCE.
Remedy: DEALERS WILL INSPECT AND ADD A SECOND CLIP TO RETAIN THE VVA LINE IF VVA LINE WEAR IS NOTED DURING INSPECTION. THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A NOTIFICATION SCHEDULE.
RECALL
Make / Models :
Model/Build Years:
CATERPILLAR / C15
2004-2005
Manufacturer : CATERPILLAR INC.
NHTSA CAMPAIGN ID Number : 05E078000
Mfg's Report Date : DEC 12, 2005
Component: ENGINE AND ENGINE COOLING
Potential Number Of Units Affected : 55794
Summary: CERTAIN 2004 AND 2005 C15 DIESEL ENGINES MANUFACTURED BY CATERPILLAR BETWEEN OCTOBER 2003 AND APRIL 2005. THE VARIABLE VALVE ACTUATION (VVA) OIL LINE (VVA LINE) USED ON 6 CYLINDER, 15L TURBOCHARGED AND AIR-TO-AIR AFTERCOOLED DIESEL ENGINES OF 435-550 HORSEPOWER MAY WEAR AGAINST THE SHARP EDGE OF THE CYLINDER HEAD IF NOT ORIENTED CORRECTLY.
Consequence: THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A DESCRIPTION OF THE CONSEQUENCE.
Remedy: DEALERS WILL INSPECT AND ADD A SECOND CLIP TO RETAIN THE VVA LINE IF VVA LINE WEAR IS NOTED DURING INSPECTION. THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A NOTIFICATION SCHEDULE.
Model/Build Years:
CATERPILLAR / C15
2004-2005
Manufacturer : CATERPILLAR INC.
NHTSA CAMPAIGN ID Number : 05E078000
Mfg's Report Date : DEC 12, 2005
Component: ENGINE AND ENGINE COOLING
Potential Number Of Units Affected : 55794
Summary: CERTAIN 2004 AND 2005 C15 DIESEL ENGINES MANUFACTURED BY CATERPILLAR BETWEEN OCTOBER 2003 AND APRIL 2005. THE VARIABLE VALVE ACTUATION (VVA) OIL LINE (VVA LINE) USED ON 6 CYLINDER, 15L TURBOCHARGED AND AIR-TO-AIR AFTERCOOLED DIESEL ENGINES OF 435-550 HORSEPOWER MAY WEAR AGAINST THE SHARP EDGE OF THE CYLINDER HEAD IF NOT ORIENTED CORRECTLY.
Consequence: THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A DESCRIPTION OF THE CONSEQUENCE.
Remedy: DEALERS WILL INSPECT AND ADD A SECOND CLIP TO RETAIN THE VVA LINE IF VVA LINE WEAR IS NOTED DURING INSPECTION. THE MANUFACTURER HAS NOT YET PROVIDED THE AGENCY WITH A NOTIFICATION SCHEDULE.
