Collins & Aikman narrows loss

Auto parts supplier Collins & Aikman reported a net fourth quarter loss of $3.1 million, down from a net loss $35.6 million for the same quarter in 2001. The Troy, MI-based company attributes the improvement to a corporate-wide restructuring undertaken by a new management team. The restructuring consisted of the shutdown of a number of plants in North America and Europe, as well the integration of a string of acquisitions, including the 2001 purchase of Textron Inc.’s automotive trim unit, TAC-Trim.
The company has forecast operating income for 2003 in the range of $285 to $300 million; while capital spending for 2003 was pegged at $145 to $165 million.
Collins & Aikman manufactures instrument panels, plastic trim, fabrics, carpeting and convertible tops. It has four Canadian facilities located in Gananoque, Mississauga, Scarborough and Stratford, ON.