Auto execs plan hiring, expansions

Posted on July 23, 2012

Automakers and suppliers expect to hire more people and expand their plants in the next year to keep up with growing demands for U.S. light vehicles, according to a report released Friday by KPMG LLP.

In a statement, Gary Silberg, national automotive industry leader for KPMG, attributed the result to pent-up demand for vehicles in the U.S.

Other findings:

• About two-thirds of the 100 executives surveyed said they have a significant amount of cash that they expect to invest before the end of the year. About three-quarters plan to increase capital spending next year, primarily on new products, services or physical expansions.

• Nearly half expect to be involved in a merger or acquisition as a buyer, with 10 percent expecting to be a seller.

• More than half said North America was the primary growth market for their companies, followed by China and South America.

By: Meghana Keshavan, Crain’s Detroit