UK car parts maker Wagon collapses

[Satch]

LONDON (AP) — British car parts maker Wagon PLC said it planned to file for a form of bankruptcy protection on Monday after a global slump in demand for cars crippled its business.

Wagon, which employs 6,300 people around the world making parts for Honda, Ford, General Motors, Land Rover and Nissan, hopes to keep some of its overseas operations running, but its collapse in Britain sends a warning about the state of the international auto industry.

http://www.google.com/hostednews/ap/article/ALeqM5hkRGZDNPn5pYAr_olJcBuWhWhudgD94UHAUG0

Still only the start of what promises to be a very nasty period.

 

[bigbobs cl]

Be nothing left to spend any money on soon!

 

[wemorgan]

Being a tier 1 has been tough for many years with margins few other businesses would accept. Now with reduced volumes it's clearly no longer viable. Very sad.

Their product range even includes; Bugatti Veyron door intrusion beams and Porsche Panamera body structures.

No doubt Wagon will be bought for £1 and kept going for longer.

 

[Dieselman]

No doubt Wagon will be bought for £1 and kept going for longer.

With an injection of taxpayers money and a good old asset stripping.

 

[Defiant]

Why has this carnival ride stopped making that clacking noise? Oh, look at the wonderful view!

Hold tight, kids. Here we go.

 

[wemorgan]

Seems like it's all over for Wagon in the UK, link.