Auto Industry
Industry: Email Alert RSS FeedPlastech: Hard choices for Detroit 3.(Suppliers)(Plastech Engineered Products Inc.)
Automotive News, February, 2008
Byline: Robert Sherefkin, David Barkholz
Automotive trim supplier Plastech Engineered Products Inc. is seeking a $200 million bailout from its major customers: General Motors, Ford Motor Co., Chrysler LLC and Johnson Controls Inc.
Those customers are running out of easy choices. Plowing more money into Plastech is a costly tradition. But letting the company fail would require finding a new source for key parts, and prospective sources are scarce. Several longtime leading auto interiors suppliers are gone, swallowed or part of what billionaire investor Wilbur Ross terms "the walking wounded.''
Collins & Aikman Corp., the largest supplier in the sector, liquidated last year. The owners of Cadence Innovation LLC are trying to sell the company...
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