Supplier comes back -- smaller
With new bank financing in place, Harvard Industries Inc. emerged from Chapter 11 creditor protection last week as a smaller company with plans for more automotive business.
The supplier, a maker of stampings and trim based in Lebanon, N.J., plans to broaden its customer base by selling automotive aftermarket parts and by making assemblies for buses and heavy-duty trucks, a spokesman said.
CEO Roger Pollazzi, a turnaround specialist, expects to generate annual revenue of $500 million. Last year, Harvard had $811 million in original equipment sales.
Lithia signs for credit line
Lithia Motors Inc. signed an agreement with Ford Motor Credit Co. for a $350 million line of credit, including $75 million for acquisitions.
An acquisition line of that size is unusual for Ford Credit, but it is a sign of the times, said spokeswoman Della DiPietro. Big dealership groups are expanding rapidly, and Ford Credit is willing to meet their financial needs, she said.
Meanwhile, Lithia completed the acquisitions of Hutchins Toyota in Springfield, Ore., and Hutchins Nissan in Eugene, Ore.
The stores will operate as Lithia Toyota of Springfield and Lithia Nissan of Eugene.