For those not paying close attention, billionaire and industry-fixer-upper guy Wilber Ross has been on the prowl for struggling auto supply assets. Ross has gone in to both the textile industry and the steel industry, swept up the ashes, fixed things up and made a mint. He sees the auto supply market as the next big opportunity. Here are his latest comments.
An interesting part of Ross’ turnaround strategy is that he often partners closely with unions and works very closely with front-line employees. Most of job loss comes from the management ranks. He asks people “what’s wrong with this place?” and seems to take action on the outcomes. Quite a different approach than Steve Miller at Delphi, although these are very different situations. Based on Ross’ plans, he may be one of the largest auto suppliers in the world in a few years.
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