Pace blames COVID-19 for financial woes; Denso, Magna shipments surge

Cons. Discr. - Autos 921 Coronavirus 380 Financing 105 Mexico 709 U.S. 4478

Pace Industries, an industrial component manufacturer focused on the autos sector, has launched a refinancing package. The CEO, Scott Bull, has stated that follows a period when “coronavirus weakened demand, disrupted our supply chain and forced us to temporarily close many of our plants in the United States”. The big automakers have shuttered much of the production in response to lower demand. Pace Industries’ imports had already been in decline with a 5.5% slip in U.S. imports linked to the firm in January and February combined. Pace’s Mexican operations are unaffected by the refinanci...

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