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May 22, 2008

US: Plastech to be dissolved

US supplier, Plastech Engineered Products Inc. will be dissolved.

US supplier, Plastech Engineered Products Inc. will be dissolved.

The company filed for Chapter 11 banruptcy on February 1st and is negotiating to sells its interior parts business to Johnson Controls Inc. (JCI). JCI is Plastech’s largest customer.

Plastech’s exterior parts business will be sold through an auction o be held in June, reported the Detroit Free Press.

Other Plastech customers include General Motors, Chrysler and Ford.

Plastech has suffered from rising costs and flagging volumes at North American OEMs. It filed for Chapter 11 partly to fight against an attempt by Chrysler to take back its tools.

Workers have been advised that plants will close by July 13th.

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