Overton Industries is a family owned comapny in Mooresville that's been in business for forty years. They're a took and die maker, supplying products to companies that sell directly to GM. Before the automotive giant filed for bankruptcy, the management team had to make some drastic changes.
"We've already cut hours, we've reduced wages, we've actually had to lay some people off. " Ron Overton, President of Overton Industries.
How will GM's latest move impact Overton? He said, "We're not sure yet what impact it's going to have because there's still a lot of uncertainty."
The Indiana Manufacturing Association says many in the supplier network had anticipated for months that GM would go into bankruptcy.
"So they've had them on credit watch and hold and all sorts of things where they were shipping parts based on checks coming in." Patrick Kiely of IN Manufacturing Assoc.
Companies are also looking for way to survive these troubled times. Automotive makes up 63% of the business at Overton Industries, after deciding several years ago to diversify their company.
"We know some of the things we've already done will help us get through it. We're a financially stable company. We don't have a lot of debt. We will survive. "
But industry experts say they will ultimately be several Indiana suppliers that could be forced to shut down.
In the meantime, suppliers expect to know more on the impact of GM's bankruptcy filing in another week.
"We've already cut hours, we've reduced wages, we've actually had to lay some people off. " Ron Overton, President of Overton Industries.
How will GM's latest move impact Overton? He said, "We're not sure yet what impact it's going to have because there's still a lot of uncertainty."
The Indiana Manufacturing Association says many in the supplier network had anticipated for months that GM would go into bankruptcy.
"So they've had them on credit watch and hold and all sorts of things where they were shipping parts based on checks coming in." Patrick Kiely of IN Manufacturing Assoc.
Companies are also looking for way to survive these troubled times. Automotive makes up 63% of the business at Overton Industries, after deciding several years ago to diversify their company.
"We know some of the things we've already done will help us get through it. We're a financially stable company. We don't have a lot of debt. We will survive. "
But industry experts say they will ultimately be several Indiana suppliers that could be forced to shut down.
In the meantime, suppliers expect to know more on the impact of GM's bankruptcy filing in another week.
