Automotive Bankruptcies Concern Sundram | Global Fastener News

Automotive Bankruptcies Concern Sundram

July 16

00:00 2009

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7/17/2009 12:13:00 AM
Automotive Bankruptcies Concern Sundram

Automotive component manufacturer Sundram Fasteners Ltd. anticipates no growth in 2009-2010 over 2008-2009 due to the drop in demand for new motor vehicles abroad.

In addition to fasteners, Sundram supplies radiator caps and other auto components to General Motors and other companies.

The Financial Chronicle / Indian Business Insight reported Sundram foresees bankruptcy filings by auto manufacturers and tier-I auto component suppliers in U.S. and Europe as potential problems.

Chennai, India-headquartered Sundram has plants in five countries. Sales for 2008 totaled Rs 1626 crore (US$405 million). Web: Sundram.com ©2009 GlobalFastenerNews.com

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