Canadian Plastics Supplier Files for Chapter 11 Bankruptcy
Canadian supplier Progressive Molded Products Inc. filed for Chapter 11 protection late Friday, June 20, listing debts in excess of $500 million and assets of no more that $50 million. Progressive’s filing in U.S. Bankruptcy Court in Wilmington, Del., comes in the shadow of the Feb. 1 bankruptcy filing by giant interior plastic trim supplier Plastech Engineered Products Inc., of suburban Detroit. Plastech, with $1.4 billion in revenue in 2007, has begun liquidating its business under court protection.
R. L. Polk & Co.’s Ask the Industry: What’s in Store for the Aftermarket in ’08
For this week’s Ask the Industry, we gather insights and predictions from leading industry experts and analysts, to provide an overview of some of the industry’s biggest concerns right now, and how the aftermarket is expected to perform in 2008.
Chrysler Can’t Move Molds Yet, Judge Says
From Detroit Free Press DETROIT — Chrysler LLC will have to negotiate with Dearborn, MI-based supplier Plastech Engineered Products Inc. to move its molds and dies out of the struggling supplier’s plants. A bankruptcy judge decided Tuesday that Chrysler cannot immediately move tooling out of Plastech’s plants because of the protections that Chapter 11 bankruptcy
Ford to Manufacture Some Parts In-house
For decades, Detroit automakers have outsourced parts work — from axles to cup-holders — to suppliers that employ thousands of workers nationwide, and increasingly, in low-cost countries such as Mexico and China. The suppliers develop and build the parts. Then they ship them back to the automakers, where they are assembled into shiny new Ford F150 pickups and Chevrolet Malibu sedans.
The Week in Review (Feb. 4-8, 2008)
By Amy Antenora The Week in Review offers a snapshot of the most highly read stories of the week as seen on aftermarketNews. To access the complete stories, simply click on the highlighted links. If you missed reading one of our daily news emails, click on any of the dates listed at the bottom of
Chrysler Supplier Files for Bankruptcy
From Xinhua Financial News AUBURN HILLS, MI — Chrysler LLC scrambled to maintain its inventory of plastic parts after one of its biggest suppliers, Plastech Engineered Products, filed for bankruptcy protection. Plastech apparently failed to negotiate a bailout package with its customers, The Wall Street Journal reported Friday. Dearborn, MI-based Plastech agreed to supply Chrysler
CAR’s David Cole Joins Ricardo as Non-Executive Director
VAN BUREN TWP., MI — Dr. David Cole, chairman of the Center for Automotive Research (CAR), has been appointed a non-executive director of Ricardo Inc. Ricardo is an independent technology provider and strategic management consultant for the transportation sector. The company’s engineering expertise ranges from vehicle systems integration, controls, electronics and software development, to the
Executive Interview with Philip Martens, ArvinMeritor Senior Vice President, President, Light Vehicle Systems
In this exclusive Executive Interview, Phil Martens, senior vice president and president of ArvinMeritor’s Light Vehicle Systems business group, brings us up to speed on the return of the Gabriel brand as part of the company’s focus on re-invigorating its global ride control business.
ArvinMeritor Announces Executive Changes in its Global Operations; Creates Emissions Technology Group
ArvinMeritor has announced a series of executive changes within its global operations. Philip Martens has been named senior vice president and president of the company’s Light Vehicle Systems (LVS) business. Martens will succeed Juan De La Riva, who is retiring after 12 years at ArvinMeritor and more than 30 years in the automotive industry. Carsten Reinhardt has been named senior vice president and president of the company’s Commercial Vehicle Systems (CVS) business. Reinhardt succeeds Tom Gosnell, who is retiring after 27 years at ArvinMeritor.
Lear May Bid on Collins & Aikman
Lear Corp. is considering a bid to purchase bankrupt interior supplier Collins & Aikman Corp., according to a source close to the situation. The combination of the two companies would create the world’s third-biggest automotive supplier, with nearly $21 billion in sales, and enhance Lear’s standing as the industry’s largest supplier of interiors, with most major car companies as customers.