Newcor posts losses in fourth quarter, year

BLOOMFIELD HILLS, Mich. (April 2)—Newcor Inc. reported a net loss of nearly $5.9 million on sales of $46.3 million for the quarter ended Dec. 31. The figures compare to a net loss of almost $9.6 million on sales of $67.6 million for 1999´s quarter. For the year, the rubber and plastic parts maker took a loss of $6.6 million on sales of $238.1 million, vs. the $11.6 million loss it incurred last year on sales of $258.5 million. Newcor, as other suppliers, is facing a tough year in 2001, President and CEO James J. Connor said. "We expect the softness experienced during the fourth quarter of 2000 in the automotive and heavy-duty truck markets to continue or worsen in 2001. In addition we are seeing some slowness in our agricultural sales," he said. To combat the slowdowns, Newcor will "continue to aggressively reduce costs and to actively pursue new business opportunities," Connor said. "However, adequate liquidity from our senior credit facility will be of paramount importance in the coming year."