MEMA, OESA Working to Identify Credit Solutions for Parts Supplier Industry
Feb 6, 2009 10:09 AM
As a result of the ongoing credit crisis and resulting reductions in automobile production, the Motor & Equipment Manufacturers Association (MEMA) and Original Equipment Suppliers Associations (OESA) are exploring options to address the immediate cash needs and longer term viability of the motor vehicle parts supplier industry. The associations have been in active communication with the U.S. Department of the Treasury, members of Congress and the Obama administration to address the financial urgency faced by suppliers, but state that no formal request has been submitted to Treasury.
"We have had constructive conversations with Treasury and elected officials in Washington, but no official request has been submitted at this time," said Bob McKenna, president and CEO of MEMA. "Suppliers now face unprecedented challenges that have created a crisis in our industry with consequences for the nation's economy as a whole."
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