Business Services Industry
Auto suppliers' earnings don't paint pretty picture.(Delphi Automotive Systems Corp., Visteon Corp.)(Brief Article)(Statistical Data Included)
Crain's Detroit Business, April, 2001 by Strong, Michael
Automotive suppliers are suffering through tough times, as demonstrated by poor results for the first quarter. No one seems to have been spared as automakers continue to slow production to clear out a backlog of vehicles. The top two suppliers in North America, Delphi Automotive Systems Corp.
and Visteon Corp., posted poor results compared with the same period last year. Delphi took a $404 million restructuring charge when it cut 11,500 people from its payroll and prepared to close nine plants. J.T. Battenberg III, Delphi chairman and CEO, said 2,000 of those people took early retirements. Delphi (NYSE: DPH) lost $25 million during the first quarter, but that jumps to $429 million when the charge is added in. The company also paid $300 million for Eaton...
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