Financial Times FT.com

Carmakers’ woes have suppliers on edge

By Bernard Simon in Toronto

Published: December 7 2008 18:43 | Last updated: December 7 2008 18:43

Gentex, one of the world’s biggest suppliers of rear-view mirrors, had until Friday not ended the job of a single employee since its inception 34 years ago. That record ended when the Michigan-based company said it was letting go of almost 400 people, one-sixth of its workforce.

Gentex depends on General Motors and Chrysler for close to a fifth of global revenues. Although orders from other customers have also shrunk, the job losses at Gentex are a sign of how the squeeze is tightening on suppliers that do business with the two beleaguered Detroit carmakers.

You have viewed your allowance of free articles. If you wish to view more, click the button below.

Read this