Executives with Accuride Corp., in celebration of the company’s relisting on the New York Stock Exchange (NYSE), will ring the opening bell on Wednesday (Jan. 5) at 9:30 a.m. EST.
“We are extremely honored to ring The Opening Bell,” Bill Lasky, Accuride president, CEO and chairman, stated in a news release. “This ceremony honors our employees who are responsible for creating the quality product that has enabled Accuride to build and maintain a solid industry reputation, earn unwavering customer relationships, and position the Company for future growth.”
Accuride is one of the largest and most diversified manufacturers and suppliers of commercial vehicle components in North America. Accuride’s products include commercial vehicle wheels, wheel-end components and assemblies, truck body and chassis parts, seating assemblies, and other commercial vehicle components. Accuride’s products are marketed under its brand names, which include Accuride, Gunite, Imperial, Bostrom, Fabco, Brillion, and Highway Original. For more information, visit Accuride’s website at http://www.accuridecorp.com.
Winnebago Industries Inc. celebrated 40 years of trading on the New York Stock Exchange (NYSE) on Thursday (Sept. 9).
In commemoration of the event, company representatives took part in the Closing Bell ceremony to officially close trading on the NYSE floor, according to a news release. Participating in the event were: Bob Olson, chairman, president and CEO; Sarah Nielsen, vice president and CFO; and Sheila Davis, public relations and investor relations manager.
Winnebago joined the NYSE on Sept. 9, 1970.
“We are very proud of our partnership with Winnebago Industries,” said Scott Cutler, executive vice president, NYSE Euronext. “We are excited to celebrate this milestone with them and look forward to continuing our prosperous relationship for many years to come.”
“Ringing the closing bell on the NYSE was a very special moment,” said Olson. “We were humbled to participate in an event with this organization that has such a long and remarkable history. Our 40-year tenure on the New York Stock Exchange has been very rewarding in an age when many companies have not been as fortunate.”
While in New York, Winnebago personnel also met with several of the company’s investors and potential investors to review the company and the RV industry.
Freund, who served as chief economist of the New York Stock Exchange for 18 years, is a world-renowned expert on productivity, the markets and globalization. At this morning’s seminar he examined the prospects for both the U.S. economy and the RV industry for the coming few years, noting that the RV industry serves as a leading indicator for the economy at large, according to a news release. “I need not tell you that your industry has been through very trying times,” he said. “But the worst of the Great Recession is behind your industry.”
Freund described the current recession as the result of “greed and unbridled optimism,” and the prevailing Wall Street sentiment, “make profits now, worry later.” He said that the nation’s economy is now experiencing an expansion, but that recovery from the recession will be “tepid,” and very slow, with unemployment numbers decreasing only slightly in 2010.
Describing the nation’s “New Normal” economic conditions as including greater consumer savings and less spending, higher unemployment, a weaker dollar, and more government regulation, Freund predicted that technology will continue to fuel the nation’s economic growth. The “New Normal” will prevail for only 3-5 years before the economy fully rebounds.
To adapt to the “New Normal,” Freund encouraged the RV industry to focus on producing affordable products for more frugal consumers, and to continue to embrace innovations in style and products. The industry’s long-term prospects are good, Freund said, with increasingly favorable demographic trends as the Baby Boomer generation begins to retire. “The RV industry is beginning to climb out of the doldrums, and will benefit from entrepreneurship and the spirit of competition,” he said.
“The world is not coming to an end, despite the Great Recession,” Freund concluded. “There are glimmers of hope – the economy is no longer shrinking, recovery has started, and America has shown an ability to adapt to challenges and to survive.”
New York Stock Exchange (NYSE) Chief Economist Emeritus William Freund will deliver, “What is Ahead: A Focused Analysis of the RV Industry,” Thursday (Dec. 3) at 8 a.m. in the Kentucky Exposition Center’s South Wing Mezzanine Level Ballroom.
The Recreation Vehicle Industry Association (RVIA) has reduced the seminar fee to $40, ensuring that more 47th National RV Trade Show attendees will be able to attend the seminar for a detailed insider’s view of the state of the stock market and what’s ahead for the RV industry.
Freund, a world-renowned expert on productivity, the markets and globalization, will examine the economic crisis and how the ensuing plan to save the American economy has signaled an end to Wall Street as we know it and irrevocably altered the global business landscape. In a presentation tailored to the RV industry, he will discuss:
- How the bailout and regulatory changes will impact the overall business community as Congress and the executive branch bring their legislative and policy powers to bear in the hopes of achieving increased transparency and accountability.
- What is ahead for the RV industry in regard to the financial markets, financial services and banking.
- The state of the stock market and analysis of issues that will dictate interest rates, the deficit and the future of trading markets.
- Developments at NYSE and NASDAQ and the implications for the future.
Freund served as chief economist of the New York Stock Exchange for 18 years, and is an expert in analyzing financial markets and investing, providing up-to-the-minute relevant information about the challenges the RV industry is facing and transforming the most recent political and economic headlines into business and investment advice.
Attendees who have already registered and paid the original $70 fee will receive a refund automatically to reflect the reduced cost of the seminar and do not have to request a refund.
The seminar fee of $40 includes a full breakfast at 7:30 a.m. To order tickets, contact RVIA’s Show Department at (703) 620-6003. ext. 365.
William Freund the New York Stock Exchange’s chief economist emeritus and a world-renowned expert on productivity, the markets and globalization, will deliver “What is Ahead: A Focused Analysis of the RV Industry” on Thursday, Dec. 3 from 8 – 9 a.m. at the 47th Annual National RV Trade Show in Louisville, Ky.
- How the bailout and regulatory changes will impact the overall business community, as Congress and the executive branch bring their legislative and policy powers to bear in the hopes of achieving increased transparency and accountability.
- What is ahead for the RV industry including the financial markets, brokerage, financial services and banking.
- The state of the stock market and an analysis of issues that will dictate interest rates, the deficit and the future of trading markets.
- Developments at NYSE and NASDAQ and the implications for the future.
Freund served as chief economist of the exchange for 18 years, and is an expert in analyzing financial markets and investing, providing up-to-the-minute relevant information about the challenges the RV industry is facing and transforming the most recent political and economic headlines into business and investment advice.
Freund will speak to seminar attendees in the South Wing Mezzanine Level Ballroom . Seminar tickets cost $70 (advance) and $80 (on-site) and include a full breakfast at 7:30 a.m. To order tickets, contact RVIA’s Show Department at (703) 620-6003. ext. 365.
TriMas Corp. announced Wednesday (Aug. 12) that it will voluntarily transfer its stock exchange listing in the U.S. from the New York Stock Exchange to the NASDAQ Global Market effective Aug. 24.
The company’s stock will continue to trade under the symbol “TRS.”
“We believe that NASDAQ offers TriMas and its shareholders advanced technologies and cost-effective services, as well as efficient and transparent market access and execution,” said David Wathen, TriMas president and CEO of the Bloomfield Hills, Mich.-based manufacturer whose Cequent family of towing products serves the RV industry.
“We are delighted that TriMas selected NASDAQ as their market of choice,” said Bruce Aust, executive vice president, NASDAQ OMX. “We look forward to providing them and their shareholders with the best products and services NASDAQ OMX has to offer.”
Monaco Coach Corp., which terminated 2,000 employees and filed for bankruptcy protection earlier this month, has received a letter from a large company interested in buying the Coburg, Ore.-based RV maker for $50 million.
The proposed purchase plan by the unnamed company is outlined in parts of a 60-page document filed Wednesday (March 25) by Monaco in U.S. Bankruptcy Court in Delaware, according to the Register-Guard, Eugene, Ore. The overall document is a routine motion, asking the court for permission to use money from sales of RVs to pay the bills and keep operating at a scaled-back level.
But portions of the filing refer to the letter of intent received Monday from “a major public company” that would pay cash or stock for “substantially all assets of (Monaco) related to (the company’s) core RV manufacturing business.”
The proposed sale would enable Monaco’s secured lenders – Bank of America and Ableco – to be repaid “all or a material part” of what the RV maker owes them, according to the court papers.
In addition, the document says, “jobs would be preserved for the local communities so heavily affected by the … current circumstances and certain creditors would be benefited by the continuation of (Monaco’s) business lines.”
Monaco spokesman Craig Wanichek declined to discuss the proposed sale on Wednesday, but hinted that a deal may be close.
“We’re not going to make an announcement (on Wednesday),” Wanichek said. “We intend that the announcement will be forthcoming (Thursday) or Friday.”
He would not address questions regarding the number of employees that might be rehired if a sale is completed or to what extent the purchasing company might resume operations. He also would not discuss the unnamed company that is mentioned in the court documents.
“That will be in our announcement,” Wanichek said. “Obviously, there’s a lot of different parties involved (in bankruptcy negotiations).”
Monaco currently owes Ableco $37.4 million on a $39.3 million, fixed-term loan that was obtained last November. The company owes Bank of America and other lenders another $36.3 million on an $80 million revolving loan fund that was also negotiated in November.
In its bankruptcy filing, Monaco estimated that it has 25,000 to 50,000 creditors.
Its factory in Coburg and its service center in Harrisburg have both been idle since December. A holiday furlough was extended three times before the company terminated 2,000 of its 2,145 employees on March 2. Three days later, the company filed for Chapter 11 bankruptcy protection in Delaware – the state where it filed incorporation papers.
In the documents filed Wednesday, Monaco laid out alternate budgets that account for operations with or without the sale of its assets. The company could file a motion in Bankruptcy Court by April 15 to allow a sale to go forward. A sale could be completed by June 19, according to the papers.
The documents mention dates this spring for bidding and an auction related to the “major asset sale.” Wanichek would not say whether those actions will be necessary if the proposed sale of Monaco is accepted by the bankruptcy court.
Monaco was founded in 1968 in Junction City as Caribou Manufacturing Co., and builds motorhomes and trailers under the brand names Monaco, Beaver, Safari, Holiday Rambler, McKenzie and R-Vision. It also operates motorhome resorts in California, Florida, Nevada and Michigan.
But it closed three Indiana factories last summer, idling 1,400 workers, then suspended its dividend and cut production in half. The company began cutting jobs last April, laying off 600 workers in Indiana and Oregon after the first in a series of quarterly losses.
Early this year, Monaco hired the investment banking firm Imperial Capital to help it find a buyer.
Its stock was trading for $10 per share a year ago on the New York Stock Exchange, but it was delisted when its share price fell to 6 cents after this month’s layoffs. It now trades under the ticker symbol MCOA on the Pink Sheets, where its stock rose by a penny per share on Wednesday to 9.5 cents.
Also on Wednesday, Monaco filed notice with the Securities and Exchange Commission that it has been unable to complete its year-end 10-K financial report due to the bankruptcy filing and related issues. Also, the company said, key people in its accounting department have resigned, including employees who handle SEC filings. The company indicated that it would file a completed report by or after April 3.