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Hot Off the Press
Treasury Dept. Pledges
$5 Billion Aid Package for Auto-Parts Makers
Thursday, March 19, 2009
The U.S. Treasury Department has pledged as much as $5 billion in financing to suppliers of automotive parts to the Detroit Three. Funding will come from the government's Troubled Assets Relief Program (TARP) to provide money to suppliers that already have shipped to the Big Three but yet to be paid for the orders.
"The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need," said Treasury Secretary Timothy Geithner. Suppliers to General Motors, Chrysler and Ford would have to agree to terms of the government-backed protection and pay a small fee for the right to participate. And, they’ll be able to sell parts, at a modest discount, that they have not yet been paid for into the government program, according to an Associated Press report.
Parts suppliers had previously told the Treasury Department that estimated payments to suppliers from the Big Three automakers are $2.4 billion for March, compared to an average of $8.4 billion per month in the fourth quarter of 2008.
Said Precision Metalforming Association (PMA) President William Gaskin: “PMA is encouraged by the infusion of liquidity that will help Tier 1 suppliers, and which should give them greater ability to satisfy the receivables of their Tier 2 and Tier 3 companies. However, we remain concerned that the trickle down of liquidity to lower Tier suppliers cannot be taken for granted because the financial situation of many Tier 1 companies, who need to shore up their balance sheets and reduce debt, is so substantial that meeting obligations of the lower Tier suppliers could be a low priority. The recovery of the automotive industry will only succeed if the entire automotive supply chain is involved, including the many small and medium-sized businesses Tier 2 and Tier 3 suppliers. PMA will continue to work with the Obama administration and Congress to seek a method of providing loan guarantees on the receivables of Tier 2 and Tier 3 suppliers and increasing the availability of credit to these small businesses.”
Website Features Examples of 3D Die-Design Projects
Thursday, March 19, 2009
Summit Tool Design, Rockford, IL, has launched its redesigned website, www.summitsedge.com
, where visitors can view examples of the firm’s 3D die-design projects and virtual die-tryout process. Summit offers tool and die design services for the sheetmetal-stamping industry, and value-added services for Solid Edge software. Also on the site: video of a sheetmetal forming simulation, design case studies and a “Contact Us” form.
Manufacturing for the Renewable-Energy Markets
Triggers $3.3 Million Expansion
Tuesday, March 17, 2009
Kalt Manfuacturing Co., North Ridgeville (Cleveland), OH, plans to invest $3.3 million over the next 2-3 years to keep up with demand as the company continues to successfully earn work serving clients in sectors such as wind and renewable energy. The company offers precision machining, rebuilding services and engineering support, and plans to add 16,000 sq. ft. onto its 38,000-sq.-ft. building. It also expects to purchase nearly $2 million worth of new equipment. The State of Ohio recently awarded Kalt a $1 million low-interest loan toward the project. Learn more at www.kaltmfg.com