Dura Automotive Systems

Stephen Johnston Succeeds Mark Orsmond as ElectraMeccanica’s Chief Financial Officer

Retrieved on: 
Thursday, October 12, 2023

ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, today announced that its CFO, Mark Orsmond will be succeeded, effective immediately, by Stephen Johnston.

Key Points: 
  • ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) (“ElectraMeccanica”), a designer and assembler of electric vehicles, today announced that its CFO, Mark Orsmond will be succeeded, effective immediately, by Stephen Johnston.
  • Stephen Johnston, with whom Orsmond, ElectraMeccanica’s Board and the rest of its management team have been working in a consulting role since June, 2023, now will take on the business’s CFO responsibilities.
  • Mr. Orsmond will continue to assist the Company with Johnston’s onboarding under a 60-day consulting agreement.
  • “Mark has been a tremendous asset to the Company and our team since I came on board as CEO last December,” said Susan E. Docherty, Chief Executive Officer of ElectraMeccanica.

ABB to Sell Remaining Stake in Hitachi Energy to Hitachi

Retrieved on: 
Friday, September 30, 2022

ABB has reached an agreement to divest to Hitachi, Ltd. (Hitachi) its remaining 19.9 percent equity stake in the Hitachi Energy joint venture that was formed from ABBs Power Grids business in 2020, with Hitachi holding a stake of 80.1 percent.

Key Points: 
  • ABB has reached an agreement to divest to Hitachi, Ltd. (Hitachi) its remaining 19.9 percent equity stake in the Hitachi Energy joint venture that was formed from ABBs Power Grids business in 2020, with Hitachi holding a stake of 80.1 percent.
  • Hitachi has exercised its call option that was agreed between the parties in December 2018.
  • The companies have agreed to settle remaining obligations relating to the original transaction, and ABB will continue to provide transition services to Hitachi Energy for them to fully separate from ABBs systems.
  • ABB does not expect to record any significant gain or loss as a result of the sale.

Ideanomics Welcomes New Chief Financial Officer Stephen Johnston

Retrieved on: 
Monday, September 19, 2022

NEW YORK, Sept. 19, 2022 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles, announced today that Stephen Johnston has been named the company's new Chief Financial Officer, effective immediately.

Key Points: 
  • NEW YORK, Sept. 19, 2022 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles, announced today that Stephen Johnston has been named the company's new Chief Financial Officer, effective immediately.
  • His extensive experience in finance and the automotive industry makes him an invaluable part of the team," states Alf Poor, Ideanomics Chief Executive Officer.
  • "My belief is that Stephen is exactly the right person to ensure that Ideanomics can consistently deliver on our financial obligations and maintain strong capital discipline as we continue our strategy execution."
  • Johnstoncomes toIdeanomicswith 30 years of diverse, global experience and will be responsible for the company's financial strategy and activities including accounting, financial controlling, financial reporting, treasury, and tax matters worldwide.

Sound Point Capital Provides Financing to Dura Automotive

Retrieved on: 
Wednesday, July 13, 2022

Sound Point Capital Management (Sound Point) is pleased to announce that it provided an Accounts Receivable Facility for Dura Automotive (Dura or the Company), a global designer and manufacturer of highly engineered automotive systems and portfolio company of MiddleGround Capital (MiddleGround or the Sponsor).

Key Points: 
  • Sound Point Capital Management (Sound Point) is pleased to announce that it provided an Accounts Receivable Facility for Dura Automotive (Dura or the Company), a global designer and manufacturer of highly engineered automotive systems and portfolio company of MiddleGround Capital (MiddleGround or the Sponsor).
  • The Strategic Capital team at Sound Point partners with sponsors and management teams to provide debt capital for a variety of uses, including M&A, working capital, and owner distributions.
  • About Sound Point Capital Management, LP
    Sound Point is an alternative asset management firm founded in 2008 with particular expertise in credit strategies.
  • Five principals of Stone Point Capital LLC, as well as Dyal Capital Partners, a division of Blue Owl Capital Inc. [NYSE: OWL], are strategic investors in our business.

ElectraMeccanica Appoints Global Automotive Executive, Michael Richardson to Board of Directors

Retrieved on: 
Tuesday, November 23, 2021

VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, today announced the appointment of Michael Richardson, a global automotive industry veteran, to its Board of Directors, effective immediately.

Key Points: 
  • VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- ElectraMeccanica Vehicles Corp. (NASDAQ: SOLO) ("ElectraMeccanica" or the "Company"), a designer and manufacturer of electric vehicles, today announced the appointment of Michael Richardson, a global automotive industry veteran, to its Board of Directors, effective immediately.
  • Michael Richardson is an accomplished automotive executive with nearly 50 years of global experience, guiding business strategy and building customer solutions.
  • He currently serves as an Independent Director on the Board of Directors for both Dura and Shape Corporation.
  • We are privileged to welcome Michael to the Board as an Independent Director, as he brings valuable automotive industry experience and insights in management, brand building and growth strategy, said Kevin Pavlov, CEO of ElectraMeccanica.

Shiloh Industries, a Portfolio Company of MiddleGround Capital, Acquires Two US Automotive Facilities From Benteler

Retrieved on: 
Monday, October 4, 2021

MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce the acquisition of two automotive facilities from Benteler International (Benteler) by its portfolio company Shiloh Industries (Shiloh).

Key Points: 
  • MiddleGround Capital, an operationally focused private equity firm that makes control investments in North American middle market B2B industrial and specialty distribution companies, is excited to announce the acquisition of two automotive facilities from Benteler International (Benteler) by its portfolio company Shiloh Industries (Shiloh).
  • The transaction included four facilities with locations in Bowling Green, Kentucky; Canton, Michigan; and two in Valley City, Ohio.
  • We look forward to working with the teams at these facilities to further support our investment in the Dura / Shiloh platforms.
  • Benteler is a global, family-owned company serving customers in automotive technology, the energy sector and mechanical engineering.

Winners of Altair Enlighten Award Feature Weight-saving Design Innovations That Cut Automotive CO2 Emissions

Retrieved on: 
Wednesday, August 4, 2021

TROY, Mich., Aug. 4, 2021 /PRNewswire/ -- Altair, the global leader converging simulation, HPC, and AI, proudly announces the winners of the 9th annual Altair Enlighten Award. Presented in partnership with the Center for Automotive Research (CAR), the award recognizes the automotive industry's most impressive sustainable engineering initiatives, focusing on lightweighting and the use of innovative materials, technologies, and techniques to cut CO2 emissions.

Key Points: 
  • Presented in partnership with the Center for Automotive Research (CAR), the award recognizes the automotive industry's most impressive sustainable engineering initiatives, focusing on lightweighting and the use of innovative materials, technologies, and techniques to cut CO2 emissions.
  • "The 2021 Enlighten Award once again shines a light on the inspiring work of automotive engineers worldwide.
  • Aero products on the RAM 1500 have reduced CO2 emissions by 641.9 thousand metric tons since January of 2015.
  • Media partners for the 2021 Altair Enlighten Award include SAE International , Automotive Engineering , and Automobil Industrie .

Winners of Altair Enlighten Award Feature Weight-saving Design Innovations That Cut Automotive CO2 Emissions

Retrieved on: 
Wednesday, August 4, 2021

TROY, Mich., Aug. 4, 2021 /PRNewswire/ -- Altair, the global leader converging simulation, HPC, and AI, proudly announces the winners of the 9th annual Altair Enlighten Award. Presented in partnership with the Center for Automotive Research (CAR), the award recognizes the automotive industry's most impressive sustainable engineering initiatives, focusing on lightweighting and the use of innovative materials, technologies, and techniques to cut CO2 emissions.

Key Points: 
  • Presented in partnership with the Center for Automotive Research (CAR), the award recognizes the automotive industry's most impressive sustainable engineering initiatives, focusing on lightweighting and the use of innovative materials, technologies, and techniques to cut CO2 emissions.
  • "The 2021 Enlighten Award once again shines a light on the inspiring work of automotive engineers worldwide.
  • Aero products on the RAM 1500 have reduced CO2 emissions by 641.9 thousand metric tons since January of 2015.
  • Media partners for the 2021 Altair Enlighten Award include SAE International , Automotive Engineering , and Automobil Industrie .

MiddleGround Capital Acquires Dura Automotive Systems

Retrieved on: 
Thursday, August 6, 2020

MiddleGround Capital announced today that it has acquired majority ownership of Dura Automotive Systems from Bardin Hill Investment Partners.

Key Points: 
  • MiddleGround Capital announced today that it has acquired majority ownership of Dura Automotive Systems from Bardin Hill Investment Partners.
  • Dura is a global designer and manufacturer of highly engineered automotive systems.
  • Dura Automotive Systems is a global automotive supplier specializing in the design, engineering, and manufacturing of solutions that drive the evolution of mobility.
  • Duras forward-thinking technology roadmap includes mechatronic control systems, including shift-by-wire systems; electronic systems, including actuators and advanced driver assist systems (ADAS); lightweight structural body systems, including electric vehicle battery trays; and exterior systems, including roof rails and electronic-infused exterior trim.

Dura Automotive Recognizes 33% Reduction in Recordable Incidents in North America and 53% in Europe With Support of ProcessMAP EHS Solutions

Retrieved on: 
Thursday, January 23, 2020

As of Dec 31, 2019, Dura Automotive realized the following performance improvements:

Key Points: 
  • As of Dec 31, 2019, Dura Automotive realized the following performance improvements:
    78% Month-over-month average Corrective and Preventive Actions (CAPAs) Created and closed in relation to incidents and near misses.
  • Dura Automotive also reported the following process-related improvements:
    The rapid adoption of mobile EHS solutions to drive employee engagement has been one of the key driving factors that helped Dura realize such performance and process improvements.
  • Dura Automotive Systems employs a mature Integrated Management System (IMS) framework to drive its global EHS objectives.
  • DURA Automotive Systems is a leading global automotive supplier specializing in the design, engineering, and manufacturing of innovative solutions that drive the evolution of mobility.