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Car Parts Manufacturer closes Indiana factory

Car Parts manufacturer Meridian Automotive Systems is closing a central Indiana factory for an indefinite period, putting 295 people out of work.  This announcement comes less than month after Meridian announced a planned layoff of 198 people at the plant in stages over the summer.  This news follows continues a horrific trend in the auto parts industry, with Lear Corporation (GM and Ford parts supplier) and Visteon ( Ford Parts supplier ), both filing for bankruptcy within the last 3 months.

The Michigan based company had said then that the layoffs were necessary because it had lost a major customer, which it did not identify. Meridian has made various parts for several auto companies, including General Motors.

Report compiled by Find a Part - Car Parts search specialists since 1978.

USA used car prices improve

Manheim Consulting have reported that wholesale USA used vehicle prices are 5.8% higher than this time last year, and 16.4 % up on Jan 2009. Manheim state that the increase in used car value has come without a downside so far, but that the cause of higher prices does "stem from a negative, namely, the significant reduction in potential supply" of new cars, which are after all tomorrows' used cars.

Manheim also gives a year-on-year "market class" price change, the biggest increases were on Pickups (27% rise) and SUVs (25.8% rise), the biggest losses were from Compact cars (9.9% fall) and Midsize cars (3.4% fall). The full list of market classes and value changes is below :

Pickups - 27 % price rise
SUVs - 25.8 % price rise
Luxury Cars - 10.3 % price rise
Vans - 6.8% price rise
Midsize Cars - 3.4% price fall
Compact Cars - 9.9% price fall

Report compiled by Find a Part, Used Car Parts Search Specialists since 1978.

GM & Ford Car Part Maker Files For Bankruptcy Protection

GM / Vauxhall Car Part and Ford Car Part supplier Lear Corporation has filed for bankruptcy protection today, as detailed by the Huffington Post. Lear follows Visteon as the second major car parts supplier to go into bankruptcy this year, Visteon filed theirs in May.

Car parts suppliers have been hammered by the economic downturn as consumers continue to avoid new car purchases, and car makers have slashed production. Lear has been particularly hard hit by the slump, with 36 percent of its sales coming from North America and 49 percent coming from Europe.

Lear, which posted $13.6 billion in sales for 2008, is a key car parts supplier for both General Motors and Ford, they are the company's two largest customers and account for a combined 40 percent of its sales. Lear was expected to become bankrupt after missing an interest payment on its' bond debt last week. Based in Southfield, Michigan, the company listed $1.27 billion in assets, and $4.54.billion in liabilities.

Car Parts Requests - Most Popular 2009 (1 Jan - 31 June)

Here are the 10 most popular models of car that we have taken car part requests for in the first six months of 2009.  We have also listed the most popular parts for these vehicles.

1. Vauxhall Astra Parts - Engine, Alternator, Radiator, Turbocharger
2. VW Golf Parts - Gearbox, Engine, Turbo, Starter Motor
3. Ford Mondeo Parts - Front Bumper, Rear Bumper, Engine, Turbocharger
4. Vauxhall Corsa Parts - Engine, Bonnet, Alternator, Front Bumper
5. Ford Focus Parts - Engine, Front Bumper, Gearbox, Turbocharger
6. Ford Fiesta Parts - Engine, Front Bumper, Alloy Wheel, Gearbox
7. Vauxhall Vectra Parts - Engine, Gearbox, Alternator, EGR valve
8. Renault Clio Parts - Engine, Bonnet, Gearbox, Front Bumper
9. Peugeot 206 Parts - Gearbox, Rear Axle, Bonnet, Starter Motor
10. Renault Megane Parts - Engine, Front Wiper Motor, Gearbox, Turbocharger

This list reflects the popularity of the models shown in the UK car market, rather than any indication of reliability.

This report was compiled by Find a Part Ltd, Car Parts Search Specialists since 1978.

Car Parts Firm ( Land Rover, BMW, Peugeot ) - 25 Jobs Saved !

Car Parts Supplier Stadco, in Llanfyllin, Powys, Mid Wales, has saved the jobs of about a quarter of the 106 workers who were facing redundancy.  Last December the car parts supplier blamed the recession for making 106 of its 153 workers redundant.  But the company has found additional work which will mean a cut of 25 in the redundancy total.

The company is part of the Acertec car parts firm which supplies Land Rover, BMW and Peugeot.

Stadco, also has car parts plants in Castle Bromwich in Birmingham, Coventry, Shrewsbury and Saarlouis, Germany.

A company spokesman said the reduction in the number of redundancies was an indication of the value the company placed upon the Llanfyllin car parts plant.  But he said they could not make any promises about the company's long-term commitment to the factory near Welshpool.

Local councillor Peter Lewis said he was delighted by the news - "This means that rather than two-thirds of the workforce being cut it is now down to about half.".

Llanfyllin is a small market town about 15 miles (24km) north of Welshpool. It has a population of 1,400 people.

Report Compiled by Find a Part - Car Parts Search Specialists since 1978.

Car Scrappage Scheme - Unfortunate Impact ?

The car scrap scheme that has been mooted for months by government ministers today came into effect in the Budget.  A similar scheme was introduced earlier this year in Germany, and resulted in a 40% increase in car sales, compared to a 30% downturn in the UK.  Had ministers not acted, the scrappage scheme might have arrived in the UK through the back door anyway, with Citroen already offering £2000 back for cars that qualified for their scrappage scheme,  However, key car industry commentators are worried about the potential impact of the car scrap scheme.

For RAC Foundation Director Professor Stephen Glaister, the scheme could have some good, and some bad effects, speaking to BBC News he said - "If the scheme leads to a reduction in the average age of the national car fleet then this has to be good for road safety as more modern cars will have a wider range of safety features built in.".  However, on the negative side he said : "Currently the vast majority of cars are still on the road at 10 years old.  Indeed at 14 years old, half are still on the road.  The car scrappage scheme announced today risks consigning a lot of perfectly good, and relatively clean, vehicles to the dustbin.".  The environmental impact of this scheme may create future problems that we are as yet unaware of - what will happen to the cars that are sent to the scrap yards ?

BVRLA chief executive John Lewis also held concerns for the used car industry in the UK : "Unfortunately, our ministers have chosen to follow the German model, which has been widely criticised for decimating the country's used car industry." - Mr Lewis predicts that companies will hold onto cars for longer, rather than selling them cheaply.  Spare car parts suppliers and garages could also suffer from a fall in demand resulting from the mass-removal of old cars from the market, as the population of cars in the country becomes younger.

This report compiled by Find a Part - Car Parts Search Specialists Since 1978.

Car Parts (Ford) Workers reject "Derisory" Visteon Offer

Former car parts workers at the Visteon plants in Belfast, Basildon and Enfield have rejected a "derisory" offer of cash payments from their former employer, according to BBC News Northern Ireland.  The Ford car parts maker Visteon Corporation has said most employees would receive a cash payment equivalent to 16 weeks pay.

A Unite union spokesman said that it added "insult to injury.".  A Visteon spokesman said that as well as the immediate cash payment - "Over time additional payments would be made increasing their total severance package to the approximate amounts they would have received under their most recent contract."

The protesting car parts workers in Belfast and Enfield have staged factory sit-ins to highlight their situation.  The Unite union spokesman said that the sit-ins had forced the company to the negotiating table as it wanted to sell the stock that was sitting in the factories.

"It may well be that our fight has to move on to Ford, but the sit-in is important at the moment," Unite spokesman Roger Madison said.  However a Ford spokesman said that the company has no responsibility for former Visteon workers - "Since 2000, Visteon has been an independent company supplying parts to Ford. Ford has no contractual or other responsibility towards the Visteon UK workforce.  The decision made regarding the plants in Belfast, Basildon and Enfield was made by Visteon's management and not by Ford Motor Company.  Ford has acted responsibly and met, or exceeded, its commitments under the Visteon agreement of 2000."

In the mean time, some former car part plant workers have staged peaceful protests outside the homes of Visteon managers in Lisburn and Downpatrick.  Pickets were held on Monday and again on Wednesday.  Nearly 600 jobs were lost at the three car part plants - 210 in Belfast - with staff being given less than an hour's notice.

The workers said that they were given pay and conditions guarantees when the company was split from Ford nine years ago, and will only leave when they are offered an adequate deal.  Former car parts plant workers in Northern Ireland also picketed Ford showrooms over the Easter weekend as well as staging a sit-in at the Visteon plant in Finaghy.

This report compiled by Find a Part - Car Parts Search Specialists since 1978.

Car Parts maker on the brink

Car-parts maker TI Automotive has breached its banking covenants and has begun talks with its lenders on a comprehensive restructuring of its finances.

Car parts manufacturer TI, based in Oxford, has a 90-year pedigree. It employs 16,000 in 27 countries – more than 1,000 in Britain – and claims that its car parts are found in half the world’s cars. TI makes a range of car parts, but specialises in fuel tanks, pipes and brake lines.

According to the Times Online - TI Automotive is owned by two American investment firms, and has been hammered by the international slump in car sales. UK car production is down nearly 60%, with similar falls in America and other large markets.

Despite a refinancing 18 months ago, which meant it would not have to repay any principal on its loans until 2012, the company is understood to have breached covenants on its loans at the end of last year.

It is thought that TI will now undertake a £455m restructuring of its debts. Advisers believe TI may need up to £200m of new cash.  During the 2007 calendar year, TI made a loss of £50m on sales of £1.4 billion.

Report compiled by Find a Part - Car Parts Search Specialists since 1978.

Ford Car Parts Workers Stage Sit In

Former car parts firm workers have occupied a factory in Enfield, north London, the Unite union says.

Visteon, a spin-off of the Ford Motor Company, was placed into administration on Tuesday. 

Workers are also protesting at a Visteon car parts plant in Essex, while 80 workers are still taking part in a sit-in at a factory in Belfast which began on Tuesday.  The workers are angry about more than 500 job losses and what they see as derisory redundancy packages.

The subsidiary has racked up losses of £669m since 2000.  As a result, Visteon stopped funding the operation and appointed KPMG as administrators, who immediately shut down production at the three factories and announced 565 redundancies among car parts staff.  According to KPMG, production has been diverted to other Visteon factories outside the UK. 

The workers are protesting at what they see as rough treatment.  Depending on length of service, they are only entitled to statutory redundancy. This is capped at £350 a week, and runs for a maximum of 30 weeks, said KPMG.  But only workers who have been employed by Visteon for two years or more will qualify for redundancy.

The protestors claim that Ford - the company's former owner and main customer, had promised much more generous redundancy contracts which they now want to see honoured.  There are also question marks over the workers' pensions.  They might eventually be placed into the government's Pension Protection Fund. However, as yet the fund has "not even been informed officially of any insolvency", a PPF spokesman said. "We're not involved at all at the moment," he said.

Visteon in the US is itself struggling to survive.  It has been hit hard by a drop in orders as carmakers cut back production during the economic downturn.

Report compiled by Find a Part - Car Parts Search Specialists since 1978.

Car-parts supplier (Land Rover, Jaguar, Aston Martin) - 'Jobs safe' short term

The head of Herefordshire car parts firm Polytec Holden has said jobs at his company are safe even though an MP has asked for government help.

He said the problem faced by the car parts company was a long-term, cash flow issue created by their clients, relating to the way car makers required component suppliers to invest in expensive machinery to make car parts.

Managing Director Geoff McGladdery said he would welcome the help but said the company was still in profit.  He said the threat to jobs was in the long term and not "today or tomorrow".

Leominster MP Bill Wiggin had asked the government to help save 225 jobs at Polytec Holden, Bromyard, during Prime Minister's Questions on Wednesday.

Mr Wiggin asked the leader of the Commons, Harriet Harman, to arrange a meeting between the Business Secretary Lord Mandelson and the company, which supplies clients such as Jaguar Land Rover and Aston Martin.

Mrs Harman agreed and said the government was "determined to make sure we help those who are working hard in important British industries like the automotive industry."

Mr McGladdery said he was grateful to the MP for raising the issue in the Commons but he didn't want to give the impression the company "was about to go bust".  He said he expected Polytec Holden to make a profit at the end of the first quarter of this year.

Mr McGladdery added : "The equipment can cost up to £1m and is the exclusive property of the car maker, but we need to use it to make their parts. When the car manufacturer takes delivery of the parts they pay us for that equipment.  I don't want a handout for me. We are not a lame duck. But the banks have told us we won't lend you money to lend to your customers. If we can't borrow money to complete the orders then in the long term we won't have much business."