Today Johnson Controls, the largest U.S. auto parts manufacturer, said they expect their parts unit to return to profitability in their fiscal 4th quarter (Q3).
North American car production is down 48% as both GM and Chrysler have shuttered plants for several months to weather the downturn. The slowdown has taken a toll on parts makers.
Johnson Controls said they have largely been paid by Chrysler and GM for parts delivered.
This sounds like good news in the parts business – finally!