Read more on this subject: Business/ Commerce
News Story Source: https://www.zerohedge.com, Tyler Durden
With the industry shut down, it is becoming a race against time for many auto suppliers. And May looks like crunch time, according to Reuters.
Kevin Clay, president and third-generation owner of Grand Rapids, Michigan-based Pridgeon & Clay, which supplies stamped steel and stainless steel parts to automakers and which has annual revenue of close to $350 million joked: "I had the audacity or stupidity to say in January 'I can't imagine what could happen this year that could slow us down.'"
Now, one of his company's two plants is idled and the other has a bare bones staff. Clay is in the process of restructuring his business and doing everything he can to stay afloat. He continued: "If we weren't working on special deals with our suppliers, with our customers and with our banks, then the music would stop for us some time in mid-May, as it will for virtually everybody."
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