The global management consulting company PRTM conducted a study of more than 350 auto parts suppliers around the world to find winners and losers in the automotive supply industry. The results of the study will be announced soon.
Chinese suppliers and the world's largest European suppliers scored the highest on PRTM's global buyer rankings, indicating that they are likely to acquire other suppliers that are in trouble due to the global auto industry's downturn. For example, in Guangzhou, China, the highly profitable, 51% state-controlled auto parts company of Guangzhou Automobile Industry Group, and Weifang, China-owned diesel engine manufacturer Weichai Power Co., Ltd., have all made PRTM's top ten globally. List of purchasers. In Guangzhou, acquisitions of mergers and acquisitions by automobile assembly and suppliers have been frequent. This company in South China is also a joint venture partner of Toyota Motor Corporation and Honda Motor Corporation in China.
Weichai Power and Toyota's Keiretsu suppliers such as Denso Corp., Toyota Boshoku Corp., and Aisin Seiki Co. Entering the list of top 10 bidders, together with large European suppliers such as ZF Friedrichshafen AG, SKF Group and BASF AG .
However, PRTM's director of global practice for automotive industry practice, and also the author of this research report, Dietmar Ostermann pointed out: "Although Toyota's associated suppliers have shown great potential to be acquirers in our research report, they have a The integrators' financial strength and capabilities, but we don't think they will participate too much in mergers and acquisitions.M & A is contrary to Toyota's corporate culture, so we believe that they will continue to seek organic growth or participate in joint ventures.
There is only one US supplier on the world's top ten list of purchasers, namely PPG Industries. PPG, based in Pittsburgh, Pa., is a manufacturer of glass and coatings for the automotive industry, as well as other industries. PRTM expects that among the 31 large global automotive suppliers in North America, several are likely to go bankrupt or be fully acquired. Earlier this year, Lear Corp., Metaldyne Corp., Visteon Corp. and others have applied for Chapter 11 bankruptcy protection. According to PRTM's predictions, other well-known automobile suppliers in the US, such as American Axle Manufacturing Holdings, Inc., a large supplier of axles and drive shafts for General Motors, may also follow suit.
Interestingly, in North America, 31 suppliers that entered the top 100 global suppliers faced greater risk of failure than the 30 that followed. Ostermann believes that "part of the reason is that North America's large global suppliers are more strictly controlled by car manufacturers, and several of them have already been bound with Chrysler and General Motors;
The highest bankruptcy and consolidation density is expected to be in the chassis (brake, steering, axle, suspension, etc.) and electrical/electronic (harness, switch, door system, etc.) areas. Chassis systems are generally capital-intensive and are therefore more affected by falling sales, while electronic systems represent the future of the vehicle industry and many suppliers are trying to add electronic functionality to their respective automotive systems. In fact, PRTM studied the recent 122 suppliers to accelerate bankruptcy and found that a considerable part of them were chassis system suppliers such as Metadyne, Hayes Lemmerz International Inc., and Contec, USA. Contech and JL French.
Ostermann said: "Because the concentration of chassis suppliers is not high, there are about 120 equivalent chassis suppliers distributed all over the world, plus there are a large number of powerful potential acquirers and potential weak bankrupt companies in this industry. Therefore, the chassis system's M&A pressure will be the largest.
The study was conducted by a global team of PRTM from February to July 2009 and covered 357 global suppliers in North America, Europe, South America, China, India, Japan, and South Korea. The study uses more than 20 financial and quantitative criteria to measure, such as cash flow and equity structure. To obtain a full study report, or to discuss an appointment with a PRTM automotive expert, please contact Danielle Bernier at or 781.434.1206.
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