National Press Release

WASHINGTON, March 19 /PRNewswire-USNewswire/ -- The Motor & Equipment Manufacturers Association praises the Obama Administration for taking quick action to assist motor vehicle parts suppliers, the nation's largest manufacturing sector. Reacting to the U.S. Department of the Treasury announcement of the creation of the Auto Supplier Support Program which will provide up to $5 billion in financing, MEMA President Bob McKenna stated, "This is a tremendous step toward stabilizing the supply base, which will benefit the domestic automotive manufacturing industry."

According to materials provided by the Treasury Department, the program will:

    --  Provide eligible and participating suppliers with access to
        government-backed protection that money owed to them for the products
        they ship will be paid;
    --  Allow participating suppliers to be able to sell their receivables into
        the program at a modest discount, providing funding to operate their
        businesses and help unlock credit more broadly in the supplier industry.

Neil De Koker, president of the Original Equipment Suppliers Association, also praised the Administration's actions. "This program comes at a very critical time and will help suppliers as they struggle to continue operations," De Koker stated. "We are very optimistic that this will provide many companies with the relief they need."

Both McKenna and De Koker emphasized the need for continued dialogue with the Treasury Department to ensure smooth implementation of the program and allow for any necessary follow-up. For more details on the Treasury Department's Auto Supplier Support Program, please click here.

About MEMA and OESA

MEMA represents motor vehicle parts suppliers, the nation's largest manufacturing sector and the largest manufacturing employer in seven states. These jobs contribute to 4.5 million private sector jobs across the country. Suppliers manufacture the parts and technology used in domestic production of more than 11 million new cars and trucks produced each year, and the aftermarket products necessary to repair and maintain more than 247 million vehicles on the road today.

MEMA supports its members through its three affiliate associations, Automotive Aftermarket Suppliers Association (AASA), Heavy Duty Manufacturers Association (HDMA), and Original Equipment Suppliers Association (OESA). OESA represents more than 400 member companies having global automotive sales exceeding $300 billion and 65 percent of North American automotive supplier sales. For more information on the motor vehicle parts supplier industry, please visit www.mema.org or www.oesa.org.

SOURCE Motor & Equipment Manufacturers Association