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Urging Congressional support for financial assistance to the automotive industry, 98 supplier industry CEOs sent a letter to every member of the U.S. Senate and House of Representatives Monday, citing the need for credit markets to start moving and access to new capital to help protect the automotive and supplier jobs at risk in the current financial crisis.
The letter called upon Congress to provide immediate financial assistance to the auto industry and to include the supplier industry in any options, urged establishment of a loan program for vehicle manufacturers and suppliers, and stated opposition to efforts to cap the amount of loans available to suppliers in the current Department of Energy loan program.
Many of the suppliers signing the letter are also well-known names in the heavy-duty commercial truck business, such as Affinia Group's Wix Global Filtration, ArvinMeritor, Bendix, Bergstrom, Bridgestone Firestone, Dana, Delphi, Gates, Horton, Penray and ZF.
"The vehicle manufacturers and the supplier industry are interwoven," said Bob McKenna, president and CEO of the Motor & Equipment Manufacturers Association. "Addressing the current financial challenges the automotive industry faces is not a bailout, but will help provide a framework and structure for protecting these valuable domestic manufacturing jobs."
According to recent studies, motor vehicle suppliers are the nation's largest manufacturing sector and provide 70 percent of the content of U.S.-built cars and trucks. Suppliers manufacture the parts and technology used in the production of more than 11 million new cars and trucks produced each year, and the aftermarket products necessary to repair and maintain more than 247 million vehicles on the road today.
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