Worthington’s auto risk slims in ‘scorched’ mart
Dec 19, 2008 | 01:03 PM
| Corinna Petry
Worthington's auto risk slims in 'scorched' mart
Until the depth and breadth of the economic slump gains some clarity, Worthington Industries Inc.'s leaders "will continue to operate under the assumption that the economy will continue to weaken and that it will be an extended period of time before it begins to recover," said John P. McConnell, the company's chairman and chief executive officer.
December's auto business "is kind of scorched earth," McConnell said, noting that the company has given itself until about February "to really take a pulse on where things are."
Auburn Hills, Mich.-based Chrysler LLC's announcement that normal maintenance shutdowns will last a month rather than two weeks (AMM, Dec. 18) prompted him to speculate that "we'll see more of that."
"I think you've got to get to the other side in late January, early February to understand what's going on," McConnell said during an earnings conference call.....
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