Auto suppliers brace for hit; Slower car sales would shake local parts industry. (News).(auto parts manufacturers prepare for an industry slowdown)(Industry Overview)

Crain's Chicago Business, January, 2003

Byline: H. LEE MURPHY Local automobile parts suppliers are bracing for a downshifting new-car market this year. ``Our auto orders so far in January are flat compared with last year at this time,'' reports Peter Cherry, chairman and CEO of Waukegan-based Cherry Corp., a maker of power-seat switches, door latches and steering controls with sales of $345 million last year.

``But we're being cautious. How many shoppers, after all, can the big automakers continue to pull into their showrooms with zero-percent financing? If we see auto production falling at all, we'll ratchet back employment.'' With industry forecasters predicting that auto sales will drop as much as 5% this year, most Illinois-based parts makers are preparing for a drop in orders from vehicle...

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