Saturday, September 06, 2008
Minority-Owned Suppliers Suffer: Tight Credit, Auto Slump Hurt Firms
There's a lot more to this article, more about Lapeer and other small and medium sized stampers, but I found this part interesting. They are phrasing it in terms of minority suppliers, but in my experience it's true of many small suppliers, regardless of their minority status.
HispanicBusiness.com
Dave Bing, CEO of Detroit-based Bing Group, said Lapeer's problems illustrate the bind facing many minority automotive suppliers as steel prices escalate and customer volumes decline.
Most minority suppliers are small to mid-size companies with weak balance sheets that find it difficult to fund expansions without additional financing, Bing said. But the banking industry is reluctant to invest in the troubled automotive industry.
'Gerry and I have been friendly competitors for the last 30 years,' Bing said. 'I'm sorry to see what he is going through, but it is not different than what all of us are going through.'
HispanicBusiness.com
Dave Bing, CEO of Detroit-based Bing Group, said Lapeer's problems illustrate the bind facing many minority automotive suppliers as steel prices escalate and customer volumes decline.
Most minority suppliers are small to mid-size companies with weak balance sheets that find it difficult to fund expansions without additional financing, Bing said. But the banking industry is reluctant to invest in the troubled automotive industry.
'Gerry and I have been friendly competitors for the last 30 years,' Bing said. 'I'm sorry to see what he is going through, but it is not different than what all of us are going through.'
Labels: stamping
Lapeer Metal Stamping in Sebewaing closing
Huron Daily Tribune
Right before Labor Day, this town has received news no town wants to hear — one if its largest employers will be closing its doors.
According to a Lapeer Metal Stamping representative from the Lapeer corporate office, Lapeer Metal Stamping in Sebewaing will be shutting down by the end of 2008. The representative stated he did not want to comment at this time about the reason behind the impending closure. The representative would not give his name because the company requested that employees not talk about the closure.
Right before Labor Day, this town has received news no town wants to hear — one if its largest employers will be closing its doors.
According to a Lapeer Metal Stamping representative from the Lapeer corporate office, Lapeer Metal Stamping in Sebewaing will be shutting down by the end of 2008. The representative stated he did not want to comment at this time about the reason behind the impending closure. The representative would not give his name because the company requested that employees not talk about the closure.
Labels: stamping
Saturday, July 12, 2008
Michigan wary of McCain trade message
FT.com
Jim Zawacki, chairman of a metal-stamping manufacturer in Grand Rapids, Michigan, was apologetic but firm as he doled out some “straight talk” to John McCain, the Republican presidential candidate, at a town hall meeting this week.
Though Mr Zawacki has donated $1,000 [...] to the Arizona senator’s campaign, he said he disagreed with Mr McCain’s commitment to free trade and challenged his suggestion that Michigan’s staggering 8.5 per cent unemployment rate could largely be fixed by retraining displaced workers at community colleges.
“Where are you going to find teachers to teach them? What we need to do is control some of these trade issues. What we are asking for is fair trade,” he said.
Mr McCain has admitted he has “a lot of work to do” to win over the likes of Mr Zawacki. This week, he travelled from Ohio to Wisconsin to persuade voters to reject “isolationism” in favour of an economic agenda centred on tax breaks for small businesses, free trade and cuts in government spending.
Many Republicans are betting their candidate’s message will resonate in the home state of the big three US car manufacturers.
Jim isn't against Free Trade, but he wants it to be fair trade. Like most small stampers, he'd be OK with free trade on a level playing field.
Jim Zawacki, chairman of a metal-stamping manufacturer in Grand Rapids, Michigan, was apologetic but firm as he doled out some “straight talk” to John McCain, the Republican presidential candidate, at a town hall meeting this week.
Though Mr Zawacki has donated $1,000 [...] to the Arizona senator’s campaign, he said he disagreed with Mr McCain’s commitment to free trade and challenged his suggestion that Michigan’s staggering 8.5 per cent unemployment rate could largely be fixed by retraining displaced workers at community colleges.
“Where are you going to find teachers to teach them? What we need to do is control some of these trade issues. What we are asking for is fair trade,” he said.
Mr McCain has admitted he has “a lot of work to do” to win over the likes of Mr Zawacki. This week, he travelled from Ohio to Wisconsin to persuade voters to reject “isolationism” in favour of an economic agenda centred on tax breaks for small businesses, free trade and cuts in government spending.
Many Republicans are betting their candidate’s message will resonate in the home state of the big three US car manufacturers.
Jim isn't against Free Trade, but he wants it to be fair trade. Like most small stampers, he'd be OK with free trade on a level playing field.
Labels: fair_trade, free_trade, stamping
