European Companies Face Coronavirus Hit to Supply Chains

A European auto supplier has been forced to close its main Italian plant due to the country’s coronavirus quarantine, in the clearest evidence so far of the impact that the disease could have on Europe’s domestic industry and economy, the Financial Times reported. Electronics manufacturer MTA said that if its 600 employees in the northern Italian town of Codogno were not allowed to return to work within days, production lines at Fiat Chrysler (FCA) subsidiaries would be brought to a standstill. “All the other FCA plants in Europe and those of Renault, BMW and Peugeot will close too,” MTA said. Maria Vittoria Falchetti, MTA board member and granddaughter of the company’s founder, told the Financial Times that the factory’s closure “is going to have a disastrous impact on the global supply chain”. Ms Falchetti said that the factory had been shut since 10pm last Friday after the first infections were discovered. Read more