Harrington Industries Ltd., a 94-year-old privately-owned car parts maker, should be crushed by the coming implosion of Australia’s auto manufacturing industry, as reported by Reuters.
But Harrington is one of a savvy breed of engineering firms that saw the writing on the wall long before General Motors announced last week it would follow Ford Motor Co, Mitsubishi Motors and Nissan Motor in halting manufacturing in Australia, according to Reuters.
Harrington recently completed work on a new plant in Thailand, where there is a strong car manufacturing sector, and from there plans to produce parts for GM, Ford, Futuris SA and others, Reuters reported.
“We have tried to work around the fact we knew the Australian auto industry was very vulnerable,” Managing Director John Harrington, told Reuters. “We’ve sought to pick up extra opportunities.”
Similar diversification by Harrington’s peers and solid growth in the aftermarket sector—supplying anything from fluffy dice to racing stripes—suggest fears that the collapse of the auto industry will trigger economic Armageddon are overplayed, according to Reuters.