Aluminum Die Casting Company Advantages. In manufacturing small and medium sized aluminum parts, hiring an Aluminum Die Casting Company can go a very long way. They specialize in using die casting aluminum into different parts and products using molds. First …
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Tier 1 Auto Suppliers Bought by Revstone LLC, Ford, BMW, Delphi Object
Quote, originally posted by Detroit News »
Washington — The Pension Benefit Guaranty Corporation said Tuesday it will assume responsibility for a bankrupt Michigan auto supplier’s underfunded pension plan.
The government’s pension insurer will take over Portage-based Contech US LLC’s pension plan covering 532 workers and retirees effective immediately, the agency said in a statement.
According to PBGC estimates, the Contech US LLC Pension Plan is 38 percent funded, with assets of $8.4 million to cover benefit liabilities of $22 million. The agency expects to cover $12 million of the $13.6 million shortfall.
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Contech LLC sought bankruptcy protection in January in Detroit after it had been acquired in 2007 by investment firm Marathon Asset Management LLC. It has nine U.S. plants, with its Walled Lake plant responsible for much of its revenue.
“This action is an integral part of our ongoing efforts to restructure Contech and meet the challenges of the automotive industry going forward. We continue to work closely with our lenders and customers to reach a consensus on the remaining changes that are necessary,” said Morris Rowlett, chairman & CEO of Contech in a statement in January when the company sought bankruptcy protection.
The PBGC will take over the assets and use insurance funds to pay guaranteed benefits earned under the plan, which ends Tuesday.
Retirees and beneficiaries will continue to receive monthly benefit checks without interruption, and future participants will receive their pensions when they are eligible to retire, the PBGC said.
Within the next several weeks, the PBGC will send notification letters to all participants in the Contech plan detailing the change.
Privately held Contech was founded in 1950 and builds light metal die casting and machining for automobile and parts manufacturers.
The company was sold from former owner SPX Corp. to Marathon Asset Management, a private equity firm, in 2007. Contech’s U.K. subsidiary based in Wales is not in bankruptcy.
Contech has six casting facilities in Michigan, Indiana and Tennessee, and had sales of $312 million in 2007, but saw sales fall to $223 million in 2008 as auto sales plummeted.
Marathon has sought to use Section 363 of the bankruptcy code to sell nearly all of Contech’s casting assets to Revstone Industries LLC.
Revstone would pay $14 million and assume certain liabilities from its casting facilities under the proposed sale.
Last week, several major customers of Contech filed an objection to the sale.
Ford Motor Co., Automotive Components Holdings LLC, BMW AG and Delphi filed a joint objection to the sale. Ford and Delphi both have said they won’t accept Revstone as a replacement supplier.
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Aluminum Bracket Hardware and Its Many Uses
Aluminum Bracket Hardware and Its Many Uses. Aluminum brackets hardware are essential in almost all types of furniture. Not only do aluminum brackets partner with handles to make effective uses for consumers, these also provide a less costly way for many people to produce some of the best pieces of furniture and aluminum aircraft parts we know today. Chocolate fountains, for instance, may be viewed as a priceless invention by people in the metalworking industry. This structure highly depends on the durability of aluminum brackets hardware so as to keep the overall construction together. Lighting fixtures also make use of brackets made from aluminum. These parts are attached to most of the ancient lanterns so as to keep their stable stand in different corners of general establishments. A lot of farm yards also make use of brackets in order to protect walls and other pieces of furniture.
Essentially, a lot of brackets are being used in different industries as well as the most outlandish places to our very homes. Without a stable bracket, a lot of other products we own may seem useless and less credible. Through the technique used in making aluminum brackets hardware, consumers can be more assured of the quality of the products they own and that these would be around with them for a very long time. Since aluminum material has been well known to provide longevity when it comes to servicing other products, you are certain to buy something that you can use possibly for the rest of your life. With times requiring us to save due to unstable financial measures, aluminum brackets hardware undeniably help us get by more functionally in everyday life.
Kinetic Die Casting manufactures custom metal parts to their customer. If you would like more information about Kinetic Die Casting, please visit our website:Kinetic Die Casting Company
Aluminum Auto Parts – What Every Car Needs
Aluminum Auto Parts – What Every Car Needs. Hundreds and thousand of aluminum auto parts are being produced by different die casters everyday. Aside from the design’s lightweight element, most aluminum auto parts are also being carefully constructed as net shape to avoid wastes and hiring additional services to run machineries. A lot of top automobile companies and sellers rely on die caster to provide them with quality auto parts made from aluminum alloy. Mounting holes are also inclusive in the production stage of these aluminum auto components, thereby making them cheaper in retail and wholesale prices compared to auto parts made of steel. This is also why a lot of leading manufacturers of cars and other automobiles have taken it to themselves to have their own manufacturing plants to cater to their entire aluminum auto parts needs.
The industry of auto manufacturing greatly relies on the availability of car parts made from aluminum. Since its invention in the early years, a lot of manufacturers have found it easier to produce high quality automobiles without having to spend a lot in customizing engine parts and other essential parts of auto gears. In the past few years, a large percentage of the automobiles constructed by leading manufacturers have delicate parts made from the simplified processes of aluminum die casting. Aluminum contains a type of metallic alloy that has elements that contribute to the products’ overall function and strength. Aside from this assured durability, aluminum also resists corrosion, thereby making it easier for a car or any automobile to last for a long period of time.
Kinetic Die Casting manufactures custom metal parts to their customer. If you would like more information about Kinetic Die Casting, please visit our website:Kinetic Die Casting Company
AE Light Metal Casting filed bankruptcy
By Jennifer Serda – A LaGrange plant is going out of business
AE Light Metal Casting filed bankruptcy earlier this month and says they expect to close the LaGrange plant at the end of May.
Currently 33 people work at the plant but at its peek, it employed 100 people. The plant had expected to employ 295 workers but says demand for their products had forced layoffs.
AE Light Metal Casting makes aluminum casting for auto industry.
The LaGrange Development Authority owns the building AE Light Metal Casting is in and says they are showing the building to another company.
AE Light Metal Casting did not supply any products to the KIA plant in West Point.
Kinetic Die Casting manufactures custom metal parts to their customer. If you would like more information about Kinetic Die Casting, please visit our website:Kinetic Die Casting Company
USA Treasury Department Announces Auto Supplier Support Program
Treasury Announces Auto Supplier Support Program, Program Will Aid Critical Sector of American Economy.
WASHINGTON, DC – The U.S. Department of the Treasury today announced a new program to help stabilize the auto supply base and restore credit flows in a critical sector of the American economy. As the President’s Task Force on the Auto Industry continues to review restructuring plans submitted by General Motors and Chrysler, Treasury announced an Auto Supplier Support Program that will provide up to $5 billion in financing, giving suppliers the confidence they need to continue shipping parts, pay their employees and continue their operations.
As rising unemployment and contracting credit continue to threaten economic recovery, today’s announcement will support an industry employing more than 500,000 American workers across the country. Because of the credit crisis and the rapid decline in auto sales, many of the nation’s auto parts suppliers are unable to access credit and are facing growing uncertainty about the prospects for their businesses and for the auto companies that rely on the parts they ship. This program will help break this cycle and provide confidence in the supplier base at an important time for the domestic auto industry. It is part of the Administration’s broader efforts to ensure that our Financial Stability Plan reaches the main street businesses that create good jobs for American workers.
“The Supplier Support Program will help stabilize a critical component of the American auto industry during the difficult period of restructuring the lies ahead, ” said Treasury Secretary Geithner. “The program will provide supply companies with much needed access to liquidity to assist them in meeting payrolls and covering their expenses, while giving the domestic auto companies reliable access to the parts they need. ”
Kinetic Die Casting can manufacture aluminum automobile parts, heat sinks, aerospace parts and much more. If you are looking for aluminum or zinc parts, visit our website Kinetic Die Casting Company
