LONDON (May 14, 2009)—Tomkins P.L.C. said it expects the automotive original equipment sector to continue to perform poorly for the remainder of the year.
The firm, which owns Gates Rubber and other subsidiaries, said its industrial and automotive business groups suffered significant year-to-year declines in volume globally. Plant shutdowns and short work weeks by many customers hurt its business, as did concerns about bankruptcy by Chrysler and possibly General Motors.