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Denton: Dura facing 'toughest times we've ever experienced'.(News)(Dura Automotive Systems Inc.)
Crain's Detroit Business, March, 2005 by Kosdrosky, Terry
Byline: Terry Kosdrosky Larry Denton knew Dura Automotive Systems Inc. needed sweeping changes when he took the CEO position in early 2003. Since then, Denton has hired new sales executives, closed or sold 20 plants and won new business with new customers. The question is whether it will be enough for Dura to avoid the fate of its cousin, Tower Automotive Inc., which filed for Chapter 11 bankruptcy protection earlier this year.
Like Tower, Dura (Nasdaq: DRRA) was assembled via acquisitions by Minneapolis-based private-equity fund Hidden Creek Partners L.L.C. Most analysts think Dura can weather the storm, but much of Dura's new business won't go into production until 2006 and 2007. In the meantime, high prices for steel and plastic, declining volumes...
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