2010 Camaro Could Be Delayed
by CP Staff
Reuters is reporting that GM has filed a lawsuit against one of its component suppliers, Cadence Innovation, in order to gain access to Cadence facilities and GM-owned parts tooling.
Cadence makes interior soft trim pieces, such as instrument panel covers, door panels and air bag covers. The company filed for Chapter 11 protection in the summer but has apparently given up any hope for reorganization.
According to the report, GM said it would need to have a successor supplier in place by Jan. 12, so as no to delay the launch of the new Chevrolet Camaro.
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Cadence Innovation employed 1500 people in 2007 and generated sales of more than $100 million. IN addition to GM, the company also supplies parts to Ford, PSA Peugeot Citroën, and Volkswagen.
In 2008 its private equity owners decided to put Cadence up for sale in the face of reduced business from the domestic manufacturers, along with higher materials costs.
The company had previously been named a General Motors 2006 Supplier of the Year award for its overall business performance in providing GM with world-class parts and services.
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