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PGW VP Comments on Preparations for Bailout Decision

Post Time:Dec 16,2008Classify:Company NewsView:419

While the industry and the nation awaits the White House administration's decision on whether or not to use Tax Asset Relief Program (TARP) funds to assist the Big Three auto manufacturers, in the wake of the Senate's decision to vote down the bill designed to assist them, Pittsburgh Glass Works LLC (PGW) vice president of marketing and development Dick Heilman says PGW is ready for whatever the outcome might be.

"As for Pittsburgh Glass Works (PGW), a bankruptcy of the Detroit OEs would be very painful, but PGW is sufficiently funded to weather the crisis," he says. "We are rapidly restructuring our operations to deal with the dramatically reduced demand projected for the near future."

Heilman cites the recently announced closures of the company's glass fabrication plant in Oshawa, Ontario, and two satellite assembly facilities as part of these preparations.

Heilman still expects the announcement of two additional glass fabrication plants to be announced by the end of the January "after completion of ongoing capacity versus demand studies."

Source: glassbytes.comAuthor: shangyi

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