UPDATE: Automotive News Plastech supplied components like interior trim, engine covers, moldings, door panels, and floor consoles to Chrysler, Ford, GM, and Toyota. The company employed 7,600 people in the US and Canada, and had 2007 sales of $1.4 billion -- including a contract with Chrysler alone that was worth $200 million. Yet due to the rise in the cost of raw materials and lower consumer demand, the company, along with others like it in the past few years, was forced to declare bankruptcy last week.
Chrysler terminated its contract with Plastech last Friday, and is now forced to idle four plants and eliminate an entire shift at another plant while it secures a new supplier. The move sends 10,500 Chrysler employees home. Chrysler hasn't said when it expects those plants to be open again, but workers will find out from plant managers or notices in local media when it happens. So far, no other company supplied by Plastech has indicated it will be slowing down operations.
[Source: USA Today]
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