Automotive and Light Truck Strategic Business Group

The Automotive and Light Truck Strategic Business Group, which encompasses the Heat Exchanger Unit and the Ready-Aire Temperature Control Products Unit, is a leading designer, manufacturer and marketer of automotive aftermarket heating, cooling and air conditioning products. The Group’s portfolio of brands includes Ready-Rad Radiators®, Ready-Aire Heater Cores® and Ready-Aire Temperature Control Products®. Customers include a broad range of North America’s largest automotive parts retailers, hard parts sellers, radiator shops, and warehouse distributors.

In 2003, net sales for the Group were $167.9 million compared to $164.5 million a year ago. Revenue levels reflect contributions of new sales programs added in 2003 and the acquisition of Fedco Automotive Components Company, which was completed at the end of 2002. These new revenues were offset by a number of factors, including competitive pricing pressures, and declining demand due to continued customer realignment of inventory levels. The shorter and weaker peak-selling season resulting from milder-than-usual weather also had a major impact on the year.