What are the key facts for Jackson Automotive Systems in a word doc

Jackson Automotive Systems produces automotive parts for advanced heating and air conditioning systems, engine cooling systems, fuel injection and transfer systems, and various other engine parts and it supplies them to the automotive industry primarily in Michigan.

Like many OEM suppliers for the automotive industry, Jackson cut back production following the financial crisis in 2008. By 2013, the firm is back to operating at capacity. The company experiences a bottleneck in production of some key electronic components and, as a result, is unable to repay its outstanding debt to the bank.

In addition, the firm delayed replacing equipment during the downturn and now must replace aging equipment to avoid future production delays. The president approaches the bank for an extension to repay a loan and for an additional loan to cover the new equipment purchase. Before meeting with the loan committee, the president must prepare a presentation on the firm's financial position.

At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. less than 200 companies had annunal sale of more than 100 million, while the remaining companies were small.It was early June 2013. Heather James, vice president at the Michigan State Bank, was considering a loan request from a longtime client, Jackson Automotive Systems.

Jackson had requested the renewal of an existing term loan with the bank in the amount of $5 million that was originally scheduled to be repaid at the end of the month. Jackson was also seeking to borrow an additional $2.4 million to fund the acquisition of a long-needed piece of equipment, which it planned to purchase in
late July.

Both loans, which totaled $7.4 million, would be repayable on September 30, 2013. Jackson Automotive Systems, an Original Equipment Manufacturer (OEM) located in Jackson, Michigan, carried product lines in advanced heating and air conditioning systems, engine cooling systems and parts, and fuel injection and transfer systems, as well as various other engine parts.Production of these lines required sophisticated and expensive precision equipment. The company's customers were reliable and reputable automotive assemblers located nearby in the Michigan area. Industry Background

At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. Less than 200 companies had annual sales of more than $100 million, while the remaining companies were small producers, representing a highly fragmented market. Small private companies, such as Jackson Automotive Systems, had specialized production lines and relied on sales to local customers. Given the location of the "big three" U.S. automotive companies, the state of Michigan hosted the largest presence of OEMs in comparison to the rest of the country.

The U.S. OEMs experienced a severe slump in production after the 2008 financial crisis, with sales dropping more than 30%. Many suppliers  managed to survive the economic downturn by rationing capacity and production. The industry was running at about 55% capacity during the financial crisis.Production of these lines required sophisticated and expensive precision equipment. The company's customers were reliable and reputable automotive assemblers located nearby in the Michigan area. Industry Background

At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. Less than 200 companies had annual sales of more than $100 million, while the remaining companies were small producers, representing a highly fragmented market. Small private companies, such as Jackson Automotive Systems, had specialized production lines and relied on sales to local customers. Given the location of the "big three" U.S. automotive companies, the state of Michigan hosted the largest presence of OEMs in comparison to the rest of the country.

The U.S. OEMs experienced a severe slump in production after the 2008 financial crisis, with sales dropping more than 30%. Many suppliers managed to survive the economic downturn by rationing capacity and production. The industry was running at about 55% capacity during the financial crisis.Production of these lines required sophisticated and expensive precision equipment. The company's customers were reliable and reputable automotive assemblers located nearby in the Michigan area.

Industry Background

At the time of the loan in 2013, there were over 5,000 automotive parts suppliers located in the U.S. Less than 200 companies had annual sales of more than $100 million, while the remaining companies were small producers, representing a highly fragmented market. Small private companies, such as Jackson Automotive Systems, had specialized production lines and relied on sales to local customers. Given the location of the "big three" U.S. automotive companies, the state of Michigan hosted the largest presence of OEMs in comparison to the rest of the country.

The U.S. OEMs experienced a severe slump in production after the 2008 financial crisis, with sales dropping more than 30%. Many suppliers managed to survive the economic downturn by rationing capacity and production. The industry was running at about 55% capacity during the financial crisis