Bolts & Nuts acquires Nashville's Challenger
Bolts & Nuts Corp., a nationwide industrial distribution firm based in Chattanooga, has acquired the Nashville-based Challenger Component Services.
The purchase will add Challenger's teams in Tennessee, Oklahoma and Alabama and broaden Bolts & Nuts' service to automotive and transportation manufacturers in the United States, Mexico, Canada, Europe and Asia.
Currently, Bolts & Nuts serves customers in over 40 states, Mexico and Europe.
"We are excited to welcome Wade Moore, who will continue to run this important business for us as president of Challenger Component Services, his fantastic team and their valuable customer base to become a part of the Bolts & Nuts Corp. family," said Mike Strunk, CEO of Bolts & Nuts Corp.
Volkswagen recalls CC & Passat sedans
Volkswagen is recalling almost 281,000 CC and Passat sedans and wagons in the U.S. because the fuel pumps can fail and cause the cars to suddenly stall.
The recall covers the CC from the 2009 through 2016 model years, as well as the German-made Passat sedan and wagon from 2006 through 2010. All have four-cylinder gasoline engines.
VW's Chattanooga production plant didn't start making Passats until late 2011.
VW says in government documents that the fuel pump control computer can lose electrical power. That can stop gas from flowing and cause the engine to stop. That problem also can make the fuel pump continue running after the car is shut off.
VW will notify owners about the problem in October and send a second letter when replacement computers are available. Dealers will swap out the computers and move them so they are less susceptible to mechanical stress and heat.
Houston port closure cuts VW, Audi delivery
Volkswagen said Tuesday that delivery of some VW and Audi cars into the United States has been affected by the closure of the port of Houston due to Hurricane Harvey, according to the Financial Times.
VW said that production at its Chattanooga assembly plant has not been affected, as the company does not ship components into the port of Houston for the site. The closure of the site has not affected any exports, VW added.
The German carmaker imports vehicles from Germany and Mexico into North America through the Houston port.
A decision by port authorities is due to be taken on Thursday whether the site will open for business, a spokesman for VW Group said.
Consumer confidence rises to 16-year high
American consumers give today's economy the highest grade in more than 16 years.
The Conference Board said Tuesday that consumers' assessment of current economic conditions hit the highest level this month since July 2001. The business research group's overall consumer confidence index, which takes into account Americans' views of current conditions and their expectations for the next six months, rose to 122.9 in August from 120 in July.
Americans' spirits have been lifted by a healthy job market. Employers added a robust 209,000 jobs in July, and the unemployment rate has dropped to a 16-year low of 4.3 percent.
The Conference Board found that 34.5 percent of respondents described business conditions as "good" — the highest percentage since January 2001. Similarly, 35.4 percent described jobs as "plentiful" — most since July 2001.
Apple CEO Cook gets $89.6 million
Apple CEO Tim Cook has collected $89.6 million as part of a 10-year deal that he signed as an incentive to keep the iPhone maker at the forefront of the technology industry after he took over the reins in 2011 from company co-founder Steve Jobs.
The windfall detailed in a Monday regulatory flowed from 560,000 Apple shares sold during the past week.
Cook received half the award because Apple's stock delivered shareholder returns in the top third of the Standard & Poor's 500 index during the past three years. He got the other 280,000 shares for simply staying on the job.
Apple set aside more than 291,000 shares sold for $46.4 million to cover Cook's tax bill.
The stock package awarded to Cook in 2011 was originally valued at $376 million, but is now worth much more because Apple shares have increased by six-fold since he signed the deal.
Cook is still in line to receive 2.94 million shares of Apple stock currently valued at $479 million, based on Tuesday's closing price of $162.91. The ascent has established Apple as the world's most valuable company, thanks largely to the enduring popularity of the iPhone introduced 10 years ago under Jobs' leadership.
As long as he remains CEO, Cook will receive 560,000 shares of stock annually from August 2018 through August 2020. He will then get 1.26 million shares in August 2021 as the final payment under his original CEO contract.
Cook told Fortune magazine in 2015 that he intends to give away most of the fortune that he makes at Apple.