ACTG 3000 Study Guide - Final Guide: List Of Auto Parts, Revamp, Net Income
30 Oct 2014
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Document Summary
Formula i auto parts corporation ( formula i or the company ), headquartered in windsor, is a privately held leading north american automotive supplier. It specializes in the manufacturing of spark plugs, bearings and other parts for the automotive industry. The company was founded by the hayashida family in the early 1940s. Hayashidas is still actively involved in the operation of the company. Similar to most auto parts manufacturers in north america, formula i"s customers consist of the big three automotive manufactures in the us. Revenues from these customers account for over 65% of total sales of the company. Over the years, through its connection with japan, the company has also gradually acquired some major account with foreign-owned auto makers. The company employs more than 700 people and has 5 manufacturing facilities in north america. Businesses like formula i are reliant on the auto industry and have seen declining profits as vehicle sales plummeted worldwide.
