Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Coronavirus
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
    • World automotive registrations recover in H2 2020
      PU leather maker Anli to open Vietnam plant; starts supplying to IKEA
      Kool-ex PU reefer fleet to ferry Covid vaccine in India
      Introducing UTECH Southeast Asia 2022
    • World automotive registrations recover in H2 2020
      Mlily to increase US market share following anti-dumping duties
      US footwear imports up 25% in November 2020
      Introducing UTECH Southeast Asia 2022
    • World automotive registrations recover in H2 2020
      Bosnian producer to invest in new PU panel factory
      Covestro wins ISCC Plus certificate for Krefeld MDI
      Car sales down 25% in Western Europe in 2020
    • PPG buys polyurea company Versaflex
      Recticel buys FoamPartner
      Recticel upgrades Q3 outlook despite raw material tightness
      Covestro broadens PU portfolio with DSM purchase
    • Mlily to increase US market share following anti-dumping duties
      Stellar Q4 performance saves Wanhua 2020 earnings
      2020 proved fruitful for Vitafoam Nigeria
      Perstorp granted new credit facility
    • World automotive registrations recover in H2 2020
      Car sales down 25% in Western Europe in 2020
      Patchy coronavirus effects hit global car sales in November
      November continues fall in Western Europe's car sales
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
    • China’s PU industry on the path to recovery; plans for technology upgrades
      Chinese cold chains grow bigger
      Flexible foam rises to challenges in the Middle East and Africa
      Life at the cross-roads: what does the GCC offer PU?
    • Europe's flexible foam makers face rising prices as outages hit markets
      Western European car registrations rebound slowed in September
      Western European car registrations regained some ground in August
      Western European Car registrations rebound continued in July
    • Take out the VOC with hybrid release agents
      Batteries give pultrusions power
      Seeing a way through VOC and FOG
      Aromatic polyols for simpler rigid PU formulations
    • Hennecke and Frimo: an automotive partnership
      Pushing ahead: AutoRIM drives KM’s UK growth
      BASF opens it first ‘Creation Center’ in Mumbai with a PU twist
      Persistence pays off for CTM
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
October 12, 2009 12:00 AM

US auto suppliers ask for government aid

Utech Staff
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    By David Barkholz, Automotive News

    Detroit, Illinois -- With working capital difficult or impossible to obtain from private lenders, automotive suppliers need government help more than ever, a parts trade group representative told a Senate banking subcommittee.

    Dave Andrea of the Original Equipment Suppliers Association in suburban Detroit testified that parts suppliers need a government infusion of funds for operations, technology development and the liquidity to promote further industry consolidation.

    So far this year, at least 20 auto suppliers have filed for bankruptcy protection in the US courts. But that tally does not include smaller companies, foreign-based suppliers, or companies that have gone out of business without filing bankruptcy.

    New government money is particularly important today as suppliers weakened by this year's auto recession ramp up production for an additional 2 million vehicles in 2010 over 2009, Andrea told the committee.

    "Only through continued coordinated action by industry, the financial community and the government will a future potential crisis be prevented," Andrea said in prepared remarks.

    Earlier this year, the president's auto task force turned down a trade group's request for about $10bn (€6.8bn) in government aid in the form of guarantees for bank loans.

    In a different tact, Andrea encouraged consideration of Small Business Administration loans that include money for product design and tooling. He also pointed to proposed legislation for supporting advanced vehicles that would aid suppliers.

    Some suppliers to General Motors and Chrysler still participate in an earlier $5000-million federal supplier package that allows parts makers to pay a fee to get paid quicker for the parts already delivered to the automakers.

    "

    Recommended for You
    World automotive registrations recover in H2 2020
    World automotive registrations recover in H2 2020
    PU leather maker Anli to open Vietnam plant; starts supplying to IKEA
    PU leather maker Anli to open Vietnam plant; starts supplying to IKEA
    Kool-ex PU reefer fleet to ferry Covid vaccine in India
    Kool-ex PU reefer fleet to ferry Covid vaccine in India
    Latest Issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Office 127,
    61, Willow Walk,
    London
    SE1 5SF
    E-mail us
    +44 (0) 203 287 5979

    Customer Service:
    +1 313 446 0450

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2021. Crain Communications, Inc. All Rights Reserved.
    • Coronavirus
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
    • Advertise
    • Contact Us
    • Issues
    • Subscribe