UPDATE:Chrysler Shutdown Pushes Parts Makers Closer To Brink
April 30 2009 - 5:37PM
Dow Jones News
Troubled U.S. auto-parts suppliers were dealt a new blow
Thursday when Chrysler LLC said it will temporarily idle most of
its manufacturing during the bankruptcy process starting
Monday.
The move, which appeared to take the supply industry by
surprise, intensifies pressure on parts makers already reeling from
General Motors Corp.'s (GM) announcement last week that it also
would idle most assembly plans this summer. Along with lost
production, suppliers are at risk of having their payments from
Chrysler disrupted as the auto maker's finances are managed in
bankruptcy court.
Two suppliers on Thursday refused to ship parts to Chrysler,
forcing the auto maker to close a Warren, Mich., factory ahead of
the planned shutdown, President Tom LaSorda said in a conference
call with reporters.
Chrysler and GM factories could be down for up to nine weeks, an
unprecedented slowdown for the U.S. auto industry. Standard &
Poor's Ratings Services on Thursday threatened to downgrade its
ratings on six parts suppliers, noting the impact of production
cuts in the wake of the Chrysler bankruptcy.
Chrysler's move threatens to push many suppliers closer to
bankruptcy, and could ultimately lead to disruption in the flow of
parts to healthier auto makers, such as Ford Motor Co. (F), which
plans to continue operating through the summer, said Dave Andrea,
vice president of industry analysis and economics for the Original
Equipment Suppliers Association.
"With a tremendous amount of effort and cost, the system has
been able to hold together," Andrea said. "But with every piece of
news like this, that becomes more difficult. This is where we could
see disruptions at Ford and other auto makers that are still
running."
Ford spokesman Todd Nissen said the auto maker doesn't
anticipate a production disruption, but is monitoring the
situation.
The Chrysler shutdown will likely lower U.S. auto production to
8 million cars and trucks for 2009, Andrea said, which would be
less than half what it was in 2000. He said about half of U.S.
suppliers will likely be in "significant distress" as a result of
the cuts, up from 35% to 40% at the end of the first quarter.
GM's summer shutdowns will cut output by 190,000 vehicles, or
25%.
Around 400, or about one-fifth, of top-tier parts makers have
enrolled in a U.S. Treasury program launched this month to
guarantee receivables in case of an auto maker bankruptcy, said
Craig Fitzgerald, an auto analyst with Plante & Moran in
Southfield, Mich.
"That assistance took a little bit of the sting out of a
bankruptcy," he said. "But it doesn't solve the problem" of
production cuts.
Fitzgerald said more government aid will likely be required to
avoid a "cascading and devastating " effect on the U.S. auto
industry.
Suppliers' ability to survive the shutdown will largely depend
on the willingness of banks to continue financing the companies
through the impending revenue shortage, OESA's Andrea said.
"The most significant indicator as to whether a supplier will
see the other side of this is if they have a banking relationship
that is willing to stick with them," he said.
S&P said Thursday it put Harman International Industries
Inc. (HAR), Johnson Controls Inc. (JCI), Magna International Inc.
(MGA), Shiloh Industries Inc. (SHLO), Stoneridge Inc. (SRI), and
TRW Automotive Inc. (TRW) on CreditWatch with negative
implications. The rating firm said "potential systemic risks could
arise because of the interconnectedness of the North American
supply base." Many smaller suppliers could fail because of the
Chrysler bankruptcy and the extended shutdown at GM, which would
pose a problem for suppliers that purchase parts from their smaller
counterparts, which could force auto makers to idle production.
-By Sharon Terlep, Dow Jones Newswires; 248-204-5532;
sharon.terlep@dowjones.com.