Monday, February 07, 2005
Tower Joins Ranks of Struggling Suppliers
The Car Connection [ The Web's Automotive Authority ]
2005 shapes up to be another difficult year for the auto industry, and suppliers will be among the hardest hit.
Grim news continues to emerge for hard-pressed automotive suppliers. This past week, Tower Automotive became the latest automotive supplier to file for bankruptcy and Visteon Corp. reported a net loss of $1.2 billion for 2004. Even relatively healthy suppliers such as American Axle reported that its earnings had declined in the fourth quarter, and others such as ArvinMeritor had been putting bits and pieces of its operations up for sale.
2005 shapes up to be another difficult year for the auto industry, and suppliers will be among the hardest hit.
Grim news continues to emerge for hard-pressed automotive suppliers. This past week, Tower Automotive became the latest automotive supplier to file for bankruptcy and Visteon Corp. reported a net loss of $1.2 billion for 2004. Even relatively healthy suppliers such as American Axle reported that its earnings had declined in the fourth quarter, and others such as ArvinMeritor had been putting bits and pieces of its operations up for sale.
