The owner of Toledo Molding & Die recently slipped into bankruptcy. Ford and Stellantis provided funding while a new owner was being found. Toledo Molding & Die had been preparing to begin layoffs in April. It’s easy to think that the manufacturers of the cars you see on the roads every day are the only companies in the automotive space that matter. However, operating behind closed curtains are thousands of suppliers which are actually the lifeblood of the industry, and one of them has just been saved from the brink of collapse, thanks in part to Ford and Stellantis. The supplier in question is Toledo Molding and Die, until recently part of First Brands, the sprawling parts conglomerate that filed for bankruptcy. The Chapter 11 process has forced First Brands to start carving itself up. Walbro, its fuel pump business, has already been sold. Toledo Molding and Die, which builds interior trim, fluid reservoirs, HVAC components, and a long list of other plastic parts that end up bolted into new vehicles, has now found a buyer of its own. Read: Stellantis Traded A $5 Billion EV Battery Plant For $100 While neither Ford nor Stellantis has bought the company, it has been revealed that the two car manufacturers provided week-to-week funding support to the supplier until First Brands found a new owner for the brand. That new owner appears to be TNJ Ohio LLC, and although the final sale has not yet been approved, things are heading in the right direction. Layoffs Were About To Start Prior to Ford and Stellantis stepping in, Toledo Molding & Die had been preparing to begin layoffs in April. It currently operates two facilities and has a workforce of approximately 600. According to Ford Authority, Ford has been helping First Brands stay afloat while it finds buyers for each of the major brands it operates. For example, the Blue Oval has been paying for parts in advance with cash and has also provided funding for certain administrative work. The major auto supplier fired 4,000 staff in January and closed 17 facilities across the United States. It reportedly has four interested buyers for its remaining factories.
