Posted on 05/28/2009 9:10:04 AM PDT by tcrlaf
DETROIT — Two Michigan automotive parts suppliers, Visteon and Metaldyne, on Thursday filed for bankruptcy protection, becoming the latest to falter amid their industry’s worst slump in decades.
Visteon is the largest supplier to the Ford Motor Company, which spun off the parts maker in 2000. Metaldyne’s biggest customer is Chrysler, which filed for Chapter 11 protection last month.
The filings are just days ahead of an expected bankruptcy filing by General Motors and at a time when G.M. and Chrysler are idling many of their assembly plants to clear out large inventories of unsold vehicles. The shutdowns, along with the dramatic plunge in new-vehicle sales that started last year, have greatly reduced the number of parts being ordered and could tip more unstable suppliers into bankruptcy.
Visteon’s bankruptcy, which does not include any of its overseas units, could be costly for Ford, the only Detroit automaker not taking billions in government aid. Ford accounts for about a third of Visteon’s $9 billion in annual sales.
(Excerpt) Read more at nytimes.com ...
And another Twofer for Michigan Corporations. Visteon employs 33,000 people and is UAW.
I just bought 2500 shares of Visteon.... for a pittance. Spent more than that on Starbucks coffee last month...
Visteon is also Ford, hate to see all 3 go down in onw swoop
Anyone know how many Visteon employees live in Michigan? The US versus international?
My sense is that my state of Michigan has already lost the bulk of the UAW employees that once lived here. They aren’t ALL gone, but many are.
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