North American Automotive Suppliers on the Long Road to Prosperity Feb 04
Standard & Poors, February 2004
Abstract
North American automotive suppliers have suffered from a variety of industry pressures during the past year, including reduced vehicle production schedules, intense price pressure, weak aftermarket demand and pricing, new program launch costs, higher labor and employee benefit costs, higher raw material costs, and market-share shifts away from domestic vehicle manufacturers. In addition, the ongoing need to integrate acquisitions that have occurred during the past few years, high fixed-cost structures, costly restructuring programs, and constrained liquidity have hurt some suppliers. These factors have weakened overall credit quality in the sector, and several rating changes have resulted. From Jan. 1, 2003, through Feb. 18, 2004, Standard & Poor's downgraded 11 auto suppliers (several companies were downgraded more than once), and upgraded...
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Research Type: Commentary
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- Collins & Aikman Corp.
- Dana Holding Corp.
- Federal-Mogul Corp.
- Ford Motor Co.
- Motors Liquidation Co. (fka General Motors Corp.)
- The Goodyear Tire & Rubber Co.
- Johnson Controls Inc.
- Snap-on Inc.
- Daimler AG
- Exide Technologies
- Lear Corp.
- Hayes Lemmerz International Inc.
- Magna International Inc.
- BorgWarner Inc.
- LDM Technologies Inc.
- Oxford Automotive Inc.
- Advanced Accessory Systems LLC
- MSX International Inc.
- Stoneridge Inc.
- Delphi Automotive LLP
- Standard Motor Products Inc.
- Tenneco Inc.
- Visteon Corp.
- Meritor Inc.
- Plastech Engineered Products Inc.
- American Axle & Manufacturing Inc.
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