USW Condemns GOP U.S. Senate Leaders for Auto Loan Rejection

‘Thousands of steel, rubber, glass, auto parts and mine workers impacted too’

WASHINGTON, Dec. 12 /PRNewswire-USNewswire/ — Leo W. Gerard, President of the United Steelworkers (USW), condemned Thursday night’s U.S. Senate vote that rejected the proposed auto industry bridge loan being supported by the UAW, the White House and the Democratic leadership.

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“We have hope that the Bush Administration and Treasury Secretary Henry Paulson will respond to the Republican Senate leadership failure to save America’s auto industry and the millions of manufacturing workers who will be affected,” the USW President declared.

He said the USW represents more than 200,000 workers employed in the steel, mining, rubber, glass and auto parts industries who will likewise be thrown out of work. “I’m really annoyed that the Republican Party is ready to throw the auto industry overboard for the sake of their veiled attempt to force the big auto companies into bankruptcy so they can bust the labor agreements and push workers to accept the standard of living established by foreign auto companies.

“The cost of such a decision to America and the middle class would be enormous and would accelerate the financial free fall and growing recession from which we might never recover,” Gerard declared.

The USW president explained that the Senate negotiations were progressing well on an agreement with the White House that had already passed with bi-partisan support in the U.S. House earlier in the week. But Senate Republicans blocked the legislation, effectively killing the bill by a vote of 52-35.

“Ultimately the truth of what the Republican Senate leadership attempted will become known, but at this point I can only state that the USW supported the auto workers union in not agreeing to allow the political minority to force active and retired workers in the industry to unfairly shoulder the burden of any restructuring.”

Gerard is urging Secretary Paulson and or the Federal Reserve to use their current authority to prevent the imminent collapse of the auto makers and the devastating consequences that would follow for millions of workers and their retirees.”

Today’s appearance by the USW president on the Fox Business News that addresses the Republican Senate leadership vote on the auto loan is at: http://usw.org/multimedia/

    Contact:  Wayne Ranick (412)-562-2442; (412)-901-8442
    Gary Hubbard (202) 778-4384; (202) 256-8125

Nader Comment on Auto Bailout

WASHINGTON, Dec. 12 /PRNewswire-USNewswire/ — The following is a statement from consumer advocate Ralph Nader and Robert Weissman, director of the advocacy group Essential Action:

In an effort to break the United Auto Workers — a union that historically has been responsible for raising wages and benefits not just for unionized auto workers but for all working Americans — Senate Republicans are apparently willing to permit the collapse of the U.S. auto industry.

Unionized auto workers have made steady concessions over the last quarter century, including in the 2007 contract, which will have many new workers start jobs at $14 an hour. These employees will be making about half of what their co-workers earn.

It is both an outrage and illogical for the Senate Republicans to suggest UAW worker wages and benefits should be driven down to the levels at non-unionized Japanese plants in the United States. It is an outrage because it disrespects the hard and dangerous work done by auto workers, explicitly aims to undermine the benefits of workers joining together to exercise their right to bargain collectively, and accelerates the United States’ trajectory to ever-descending wages and benefits. It is illogical, too. Although the Japanese plants keep wages close to UAW rates as an anti-union strategy, they can always lower their wages further, on a unilateral basis, in a never-ending race-to-the-bottom.

The action by the Senate Republicans is extraordinarily reckless, challenging the most important institution for advancing working peoples’ living standards — unions — and threatening to worsen drastically an already severe recession.

Even the Republicans’ sense of political self-interest seems dimmed by their anti-union zealotry. Senate Republicans may think they gain political points by standing against assistance to a major industry, but they will suffer political damage lasting generations if they permit the U.S. auto industry to collapse.

Machinists Union Blames McConnell, Shelby and Corker for Killing Auto Rescue Plan

WASHINGTON, Dec. 12 /PRNewswire-USNewswire/ –The International Association of Machinists and Aerospace Workers (IAM) today rejected attempts by a trio of Senate Republicans to deny responsibility for their campaign to force General Motors, Chrysler and Ford into bankruptcy and possible liquidation.

“In a move worthy of Benedict Arnold, a handful of Senate Republicans this week successfully conspired to deny federal aid to U.S. automakers,” said IAM International President Tom Buffenbarger. “It ranks second only to their attempt to blame autoworkers themselves for failing to provide sufficient concessions to satisfy GOP demands.”

The campaign to blame autoworkers began immediately after the effort by Senate Minority Leader Mitch McConnell, Alabama Republican Sen. Richard Shelby and Tennessee Republican Bob Corker to block the $14 billion aid package for automakers.

“With the U.S economy on the brink of a deep and prolonged recession, it is unthinkable that these lawmakers would deliberately kill an effort that could save as many as three million American jobs,” said Buffenbarger.

With unemployment at a 26-year high and millions of jobs at risk from a collapse of the U.S. auto industry, the next move may be to loosen the strings on the $700 billion already approved by Congress to bolster frozen credit markets.

The IAM is among the nation’s largest industrial trade unions, representing over 700,000 active and retired members in airline, aerospace, automotive, manufacturing, railroad, woodworking and shipbuilding industries. For more information, go to www.goiam.org.

Suppliers Express Dismay as Senate Fails to Act on Auto Loan; Urge Immediate Action From President

WASHINGTON, Dec. 12 /PRNewswire-USNewswire/ — The Motor & Equipment Manufacturers Association (MEMA) expressed its dismay and disappointment as the Senate did not secure the votes necessary to pass financial assistance to the automotive industry. MEMA had urged the Senate to support the legislation in hopes of preventing a major vehicle manufacturer bankruptcy and the feared chain reaction throughout the supplier industry.

“Valuable domestic manufacturing jobs throughout the United States are at immediate risk and it is too easy now to envision the further damage that our economy will suffer,” said Bob McKenna, MEMA’s president and CEO.

McKenna repeated what was stated in a letter sent Thursday to all Senators: the supply base is the common denominator among all vehicle manufacturers and that domestic car manufacturers share 58-65 percent of their suppliers with Asian manufacturers and 37-46 percent with European manufacturers in North America. “There is simply no way that a vehicle manufacturer bankruptcy will not cause further bankruptcies and extraordinary hardship within the supplier industry.”

McKenna acknowledged the difficult issues facing Senate negotiators and urged the Administration to now allow funds from the TARP to be used as a bridge loan to the auto companies. “This industry is too important to the economic health and well being of the nation to be left to fail,” McKenna said. “The fate of domestic manufacturing and hundreds of thousands of jobs are hanging in the balance waiting for action.”

According to recent studies, motor vehicle suppliers are the nation’s largest manufacturing sector and the largest employer in seven states. Suppliers provide 70 percent of the content of U.S.-built cars and trucks. Suppliers manufacture the parts and technology used in the production of more than 11 million new cars and trucks produced each year, and the aftermarket products necessary to repair and maintain more than 247 million vehicles on the road today.

About MEMA

MEMA supports its members through its three market segment associations, Automotive Aftermarket Suppliers Association (AASA), Heavy Duty Manufacturers Association (HDMA) and Original Equipment Suppliers Association (OESA). For more information on the motor vehicle parts supplier industry, please visit www.mema.org or www.automotivesupplier.org.

All-New Toyota Prius to Make World Debut at 2009 North American International Auto Show

TORRANCE, Calif., Dec. 12 /PRNewswire/ — Toyota Motor Sales (TMS),
U.S.A., Inc. will stage the world premiere of the all-new 2010 Toyota Prius at
a press conference at the 2009 North American International Auto Show in
Detroit.

The all-new Toyota Prius, with a substantially revised Hybrid Synergy
Drive system, will deliver improved mileage, improved performance and a host
of innovative new features.

The press conference will be held on Monday, January 12 at 11:30 AM
Eastern Time in the Riverview Ballroom in COBO Center and simulcast live to
the Toyota display area at the show. A video clip of the press conference
will be available for viewing following the event on the Toyota.com website.

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Twelve Finalists Will Dance to Win a Free Toyota

WASHINGTON, Dec. 12 /PRNewswire/ — Twelve talented Washington area
residents are just steps away from winning a brand new Toyota, having been
selected as finalists in the return of the Washington Auto Show’s Dancing with
Toyotas free car giveaway.

While millions of Americans were focused on television’s Dancing with the
Stars, these Dancing with Toyotas contestants were polishing up their own
dancing shoes and perfecting their steps — all for the chance to win a new
Toyota, Camry Hybrid or a Prius.

After a tremendous response from contestants and fans alike in its debut
year, Dancing for Toyotas will be back at the Washington Auto Show, Feb. 4-8
at the Walter E. Washington Convention Center. Sponsors include the Washington
Area Toyota Dealers, Arthur Murray Dance Studios, the Washington Area New
Automobile Dealers Association and MIX 107.3 FM.

Now, these 12 finalists will have the chance to strut their stuff live at
the Washington Auto Show. The dancers, who will compete by gender, will be
judged by an audience of hundreds of thousands, who will be able to vote for
their favorite dancers and register online for a chance to win a Toyota Yaris!

“After last year’s exciting contest and thrilling finale, we can’t wait to
get started and see who dances away with a free Toyota,” said Tamara Darvish,
Vice President of DARCARS Toyota and chairman of WANADA.

Mark Theiss, owner of Arthur Murray Dance Studios, agrees. “Our
participating dance instructors are eager to begin training their new dance
partners!”

Viewers will be able to check out the profiles and photos of each
contestant on the Washington Auto Show’s Web site at:
www.washingtonautoshow.com.

Competing in the ladies category will be Christine Lenihan, Lorton, VA;
Suzanne Sechan, Gaithersburg, MD; Winifred Cruz, Alexandria, VA; Diane
Kadushin, Gaithersburg, MD; LaTanya McLaughlin, Mitchellville, MD; and Kelly
Lago, Alexandria, VA. Burning up the ballroom floor for the men will be
Michael Mosenkis, Potomac, MD; Bruce Rosenberg, Rockville, MD; Steve Black,
Montclair, VA; Bill Aldolfson, Falls Church, VA; Franklin Dunmore,
Gaithersburg, MD; and John Ware, Silver Spring, MD.

A thrilling reality show, the Dancing for Toyotas contest pairs each
competitor, an amateur dancer, with an instructor from Arthur Murray Dance
Studios. The dancers will compete in swing, salsa and tango styles, but the
judges will crown only one male and one female the champions on Sunday, Feb.
8, following the competitions on Fri., Feb. 6, and Sat, Feb. 7. Each finalist
will receive six weeks of dance lessons and practice on-site with partners
from the Arthur Murray Dance Studios.

Even those not dancing have a chance to both enjoy the contest — and win
a new Toyota. Check out the Dancing for Toyotas display at the Washington Auto
Show and cast your vote for your favorite dancers.

The Washington Area Toyota Dealers have a long history of giving away free
cars in a most innovative manner at the Washington Auto Show, sponsoring the
fan favorite, Toyota Hands On Contest.

The 67th staging of the Washington Auto Show: The Automotive Seat of Power
will bring more than 700 new cars, trucks, mini-vans and sport utility
vehicles from over 42 domestic and import automakers to the Walter E.
Washington Convention Center, Feb. 4-8, 2009.

For more information, call WANADA at 1-866-WASH-AUTO or visit the
Washington Auto Show online at www.washingtonautoshow.com. Complete entry
rules are available at www.dancingfortoyotas.com.

    For more info:
    Barbara Pomerance
    bp@pomeranceassociates.com
    800-697-7574

NAIAS 2009 Exhibitor Press Conference Schedule

DETROIT, Dec. 12 /PRNewswire/ –

Press conferences will be held on exhibitor stands unless otherwise noted.
THIS SCHEDULE IS SUBJECT TO CHANGE. Please visit www.naias.com often for the
most current schedule.

    VALID CREDENTIAL REQUIRED FOR SHOW FLOOR ACCESS
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    NAIAS 2009 EXHIBITOR PRESS CONFERENCE SCHEDULE / as of December 11, 2008

    Sunday, January 11, 2009
     7:00 am           Media Credential Office Opens / Oakland Concourse
     8:30-8:55 am      Johnson Controls / D2-15
     9:00 am           Show Floor Opens
     9:10-9:30 am      NAIAS 2009 Opening Ceremony / Michigan Hall Stage
     9:30-10:00 am     North American Car and Truck of the Year Awards /
                       Michigan Hall Stage
    10:10-10:35 am     General Motors
    10:50-11:15 am     Lexus / Riverview Ballroom
    11:25-11:50 am     Ford / Cobo Arena
    12:00-12:25 pm     Chrysler
    12:35-1:00 pm      BMW
     1:10-1:35 pm      Volkswagen
     1:45-2:10 pm      Bentley
     2:20-2:45 pm      Kia
     2:55-3:20 pm      Audi
     3:30-3:55 pm      MINI
     4:05-4:30 pm      Lamborghini
     4:40-5:05 pm      Subaru
     5:15-5:40 pm      Jaguar / Main Show Floor
     5:50-6:15 pm      Volvo / Main Show Floor

    Monday, January 12, 2009
     7:00 am           Show Floor Opens
     8:30-8:55 am      Michelin Corporate
     9:05-9:30 am      Lincoln-Mercury / Cobo Arena
     9:40-10:05 am     Maserati
    10:15-10:40 am     General Motors
    10:50-11:15 am     BYD
    11:30-11:55 am     Toyota / Riverview Ballroom
    12:10-12:35 pm     Brilliance
    12:45-1:00 pm      Lamborghini Fashion Show / Lamborghini stand
     1:10-1:35 pm      General Motors
     1:45-2:10 pm      Fisker
     2:20-2:45 pm      Revenge Designs
     2:55-3:20 pm      Michelin Challenge Design / Michigan Hall
     3:30-3:55 pm      Alpine / O2-44

    Tuesday, January 13, 2009
     7:00 am           Show Floor Opens
    10:00-10:25 am     DENSO / Michigan Hall Stage
    10:35-11:00 am     Johnson Controls / D2-15
    11:10-11:35 am     EyesOn Design Awards at the NAIAS / Michigan Hall
                       Stage

For additional information and video, please visit
http://www.prnewswire.com/mnr/naias/36411/

Sauer-Danfoss Inc. Announces Sale of AC Motor Business and Revises 2008 Earnings Guidance

CHICAGO, Dec. 12 /PRNewswire-FirstCall/ — Sauer-Danfoss Inc. (NYSE: SHS)
today announced that it has entered into an agreement to sell its AC motor
business, primarily operating out of Odense, Denmark, to Schabmuller GmbH in
Berching, Germany. The Company is also reducing its earnings guidance for full
year 2008 to $0.75 to $0.85 per share from its previous earnings guidance of
$1.15 to $1.25 per share to reflect the impact from the sale and further
deteriorating conditions in its end markets.

“Our lowered expectations are primarily driven by two factors,” explained
David J. Anderson, Sauer-Danfoss’ President and Chief Executive Officer. “Our
markets in the Americas, Europe, and Asia-Pacific continue to deteriorate at a
rapid pace as a result of the global credit crisis and general economic
conditions, with customers pushing out orders on very short notice. In
addition, our fourth quarter results will be impacted by a loss on the sale of
our AC motor business related to the Material Handling market with a pre-tax
charge of approximately $10.0 million, or $0.17 per share.”

Anderson continued, “The sale of the AC motor business is the result of
our decision to address this commodity business which continues to operate
below our earnings expectations. We are retaining the technology as well as
the engineering and production capabilities which will allow us to work on
electrification solutions for off-road vehicle applications.”

The sale of the AC motor business, with 2008 sales of approximately $35
million, is expected to close in the next 30 days contingent on receipt of
German anti-trust clearance.

About Sauer-Danfoss

Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and
sale of engineered hydraulic, electric and electronic systems and components,
for use primarily in applications of mobile equipment. Sauer-Danfoss, with
9,800 employees worldwide and revenue of approximately $2.0 billion, has
sales, manufacturing, and engineering capabilities in Europe, the Americas,
and the Asia-Pacific region. The Company’s executive offices are located near
Chicago in Lincolnshire, Illinois. More details online at
www.sauer-danfoss.com.

Goodyear Announces Leadership Changes in Finance Organization

AKRON, Ohio, Dec. 12 /PRNewswire-FirstCall/ — The Goodyear Tire & Rubber
Company (NYSE: GT) today announced several changes in corporate finance
leadership.

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Damon Audia, formerly vice president and treasurer, has been appointed
senior vice president of finance and treasurer. His expanded role includes
Goodyear’s investor relations and tax functions.

“Damon has been a key member of Goodyear’s finance organization over the
past four years, and he was particularly instrumental in the execution of the
plans to refinance the company over the last several years,” said Executive
Vice President and Chief Financial Officer Darren R. Wells. “He has
demonstrated the type of leadership we need in this role as we address the
challenges of today’s economy.”

In a related move, Richard J. Noechel, formerly vice president and
corporate controller, has been appointed vice president of finance for the
company’s North American Tire business, replacing Marc O. Voorhees, who has
been named chief operating officer of North American Tire’s consumer tire
business.

Vice President and Chief Information Officer Thomas A. Connell will
replace Noechel as vice president and controller, while retaining his current
leadership role for information technology.

“These moves reflect the Goodyear finance team’s focus on building our
business,” said Wells. “Rick is an excellent leader and has a strong finance
and accounting background – both critical qualities in today’s challenging
environment. And, Tom returns to his former role as controller, where he has
long been viewed as setting the standard for excellence in supporting the
businesses with strong financial process discipline.”

Richard J. Kramer, president of the North American Tire business, said,
“I’m pleased to see Marc make the move into an operational leadership role
that essentially will focus on strategy, internal operations and back office
support allowing those closest to the market to concentrate on the customers.”

Audia, 37, joined Goodyear as assistant treasurer, capital markets in
December 2004 from Delphi Corporation, where he served in a variety of
treasury and financial roles. Prior to Delphi, Audia spent time with General
Motors, Merck and Ford Motor Company in a variety of finance positions.

Prior to becoming vice president and controller, Noechel, 40, had been
chief financial officer of Goodyear’s South Pacific Tyre subsidiary in
Australia since 2006. He began his career with Goodyear in 2004, serving as
assistant controller at the company’s corporate headquarters in Akron. Prior
to joining Goodyear, Noechel was vice president and controller for The Kmart
Corporation from 2001 through 2004. He also worked for DaimlerChrysler in
various positions and for Price Waterhouse LLP.

Before being named Chief Information Officer in February, Connell, 59, had
been vice president and controller for Goodyear since 2003. Prior to that, he
spent 24 years in financial management positions with TRW Inc.

Voorhees, 53, had spent the past three years as vice president of finance
after joining Goodyear from Eastman Kodak Company. In his 28 years with
Kodak, Voorhees held various operational, financial and international
positions.

Goodyear is one of the world’s largest tire companies. It employs about
70,000 people and manufactures its products in more than 60 facilities in 25
countries around the world. For more information about Goodyear, go to
www.goodyear.com/corporate .

Lear Withdraws 2008 Financial Guidance

SOUTHFIELD, Mich., Dec. 12 /PRNewswire-FirstCall/ — Lear Corporation
(NYSE: LEA), a leading global supplier of automotive seating systems,
electrical distribution systems and electronics products, today announced it
is withdrawing its full-year 2008 financial guidance as a result of further
weakness in global automotive demand and overall industry uncertainty.

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“The weakness we are seeing in global automotive production, as well as
the very fluid industry environment is unprecedented. In response, we have
been aggressively attacking our cost structure and pro-actively managing our
liquidity position,” said Bob Rossiter, Lear’s chairman, chief executive
officer and president.

Lear will hold a conference call to review the company’s fourth-quarter
and full-year 2008 financial results and related matters on Thursday, January
29, 2009 at 9:00 a.m. ET. To participate in the conference call, dial
1-800-789-4751, for domestic calls and 1-973-200-3975 for International calls.
An audio replay will be available two hours following the call at:
1-800-642-1687 for domestic calls and 1-706-645-9291 for international calls.
The audio replay will be available until February 12, 2009. (Conference I.D.
75075891). You may also listen to the live audio webcast of the call, in
listen-only mode, on the corporate website at http://www.lear.com.

Lear Corporation is one of the world’s leading suppliers of automotive
seating systems, electrical distribution systems and electronics products.
The Company’s world-class products are designed, engineered and manufactured
by a diverse team of 91,000 employees at 215 facilities in 35 countries.
Lear’s headquarters are in Southfield, Michigan, and Lear is traded on the New
York Stock Exchange under the symbol [LEA]. Further information about Lear is
available on the Internet at http://www.lear.com.