MAPP 2022 Benchmarking Conference - Winning Strategies for Processors To Thrive in the Automotive Sector
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MAPP 2022 Benchmarking Conference
Winning Strategies for Processors To Thrive in the Automotive Sector
October 2022
Confidential 1
About Plante Moran
Comprehensive Services
• Strategic Planning, Market/Product Analysis & Planning
• Product Costing, Quoting, and Pricing Consulting
• Supplier – Customer Relationship Analytics
98 2,500+ • Supply Chain and Operations Consulting
Years serving Manufacturing &
clients distribution clients • Audit and Accounting
Mobility
(founded in 1924) • Tax Compliance and Consulting (Credits and Structuring
Intelligence
• ERP Selection, Implementation, and ‘Rescue’
Center
Research on • Business Analytics
Critical • Cyber Security
Automotive
23 39,000 Technologies to
• Due Diligence Services
Years on Professionals worldwide Suppliers • Investment Banking (PM Corporate Finance)
FORTUNE’s Best 3,500+ • Real Estate – site selection, leases, credits
Workplace list In U.S.
Deep Plastics Industry Expertise Plastics Benchmarking Studies
• Manufacturing professionals averaging 20+ years experience • Plante Moran’s annual benchmarking study -
• Thought leaders in the plastics industry since 1995
• Deep industry involvement with plastics processors • Survey collects ~150 data points per
• Manufacturers Association for Plastics Processors participant – Financial, Operational, Strategic,
• Plastic Industry Association
HR, Sales
• National Tooling and Machining Association
• Participants receive 70+ pg customized report
Confidential 2
2022 Automotive Transition to Electric
What Are Plastic Processors Asking?
1) Electric Vehicle Growth in North America 3) Developing business with Start-ups
• How to select the right targets?
• How much will OEMs invest in internal
combustion engines (ICE) programs going • Strategies to manage risk?
forward?
• Where is the true inflection point in EV
growth in North America
2) What plastic applications for future vehicles 4) How to improve your quoting process
• Which components are staying? • Keys to understanding where you make
• Which components are going away? money and where you don’t
• Which components will change? • Strategies to assure quotes are developed to
win profitable business
• What new component applications are
created by electric vehicles? • How to streamline the process to ensure
responsiveness “without dropping everything”
Confidential 3
Mobility Intelligence Center overview
Plante Moran and AFS
Plante Moran’s Mobility
Intelligence Center™
incorporates our
proprietary data analytics
research, including our
supplier research
databases, industry
benchmarking, and our
network of external
industry relationships.
Visit the Mobility
Intelligence Center
Confidential 4
Vehicle Projections from 2021-2035
Market Transition from ICE to EV
Global EV volumes projected to grow at 22% CAGR through 2035, led by rapid growth of EVs in China and Europe.
North America lags China and Europe for EV adoption. North American EV production is projected to be 90% of
vehicles in 2050
Global North America
25.0
120.0
100.0 20.0
6.4 8.3 10.8 14.0 18.0 22.6 27.9 1.2 1.5
Millions of Units
3.6 33.7 40.3 46.2 52.6 0.3 0.5 2.0 2.6 3.2
80.0 4.8
2.6 5.0 4.6 5.5 6.6 59.3 66.4 73.7 15.0 0.8 1.1 1.3 0.8 3.9 4.7 5.5 6.3 7.3 8.3
4.0 5.9 6.6 7.8 8.9 0.2
0.8 1.4 1.0 9.4 10.5 11.7
7.3 7.8 1.6 1.3 1.6
60.0 8.2 10.1 11.3 1.6
1.7 2.0 2.3
Millions of Units
8.6 12.5 12.1 10.0 1.7 2.6 2.5
8.8 1.8 2.4 2.3
40.0 9.1 8.8 11.8 11.3 10.9 13.3 14.5 13.8 12.9 11.9
1.8 1.8 1.8
2.2 2.1
71.6 74.6 72.5 69.5 65.8 8.5 1.8 1.8
61.5 56.4 8.2 7.8 10.6 5.0 10.9 9.9
8.9
1.9
50.9 45.1 7.5 8.0 7.1 6.5
20.0 38.9 35.5 32.3 6.0 5.5 5.0 4.5
28.9 25.5 21.8
-
- 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ICE HEV PHEV BEV
ICE HEV PHEV BEV
Europe
China
25.0
40.0
20.0 35.0
1.9 2.5 3.3
1.3 1.6 4.3 5.4 30.0
1.3 1.7 6.7 8.1
1.0 1.2 1.8 9.6 11.3 12.6 14.0 15.3
Millions of Units
15.0 1.3 1.9 16.5 17.6 25.0 2.7 3.5 4.5 5.8 7.5 9.4 11.6 13.9 16.4 18.7 21.1 23.5 26.0 28.5
1.4 2.0 2.2
1.5 2.1 0.9
0.6 1.2
0.8 1.7 2.1 2.6
1.5 20.0 0.9 1.1 3.0
2.2 1.2 3.3
Millions of Units
1.5 1.4 3.6
10.0 1.6 2.3 1.5
2.4 15.0 3.8 1.7
15.0 15.5 14.6 13.7 1.6 2.2 1.9 4.0 3.7
12.6 11.5 1.6 2.0 1.8 10.0 21.2 21.0 20.6 19.9 18.7 2.1 3.4 3.1
1.4 1.3 1.6 17.3 15.5 2.1 2.0 2.8
5.0 10.2 8.8 1.1 1.4 13.6 11.4 2.0 1.9 2.5
7.4 1.0 0.9 5.0 1.8
5.9 5.3 4.7 9.3 8.2 7.3 6.5
4.2 3.7 3.2 5.8 5.1
- -
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ICE HEV PHEV BEV
ICE HEV PHEV BEV
Confidential 5
Vehicle Projections from 2021-2035
North America
U.S. adoption of EVs has accelerated substantially in the last 18 to 24 months as GM, Ford and other OEMs have
pulled forward production plans to hasten the availability of electrified offerings
North America
ICE HEV PHEV BEV
25.0
20.0
1.2 1.5
0.3 2.0 2.6
15.0 1.1 0.5 3.2 3.9
0.8 0.8 4.7 5.5 6.3 7.3
0.2 1.3 8.3 9.4 10.5 11.7
0.8 1.4 1.0
1.3
Millions of Units
1.6 1.6
1.6 2.0
1.7 2.3
10.0 2.6
1.7 2.5
1.8 2.4
1.8 2.3
2.2
14.5 1.8 2.1
13.3 13.8 1.8
12.9 1.8
11.9 1.8
5.0 10.9 1.9
9.9
8.9
8.0
7.1 6.5 6.0 5.5 5.0 4.5
-
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Confidential 6
New Automotive OEMs
Stimulating Change
29 OEMs are either operational or planning for production North America by 2029, 13 of the OEMs are New EV Startups
2022% 2029%
# OEM 2022 Units 2029 Units % Growth Share Share
1 General Motors 2,623,732 2,999,838 2.3% 18.2% 17.5%
2 Ford Motor 2,260,580 2,415,089 1.1% 15.6% 14.1% • Detroit 3 OEMs (Ford, GM, Stellantis) comprises
3
4
Stellantis
Toyota Motor
1,967,809
1,923,412
2,191,782
2,016,927
1.8%
0.8%
13.6%
13.3%
12.8%
11.8%
44.4% of 2029 N.A. production volumes
5 Honda Motor 1,216,958 1,615,701 4.8% 8.4% 9.4%
6 Hyundai Motor 916,851 1,173,824 4.2% 6.3% 6.8% • The Major 3 Japanese OEMs (Toyota, Honda, and
7 Renault-Nissan-Mitsubishi 1,005,314 1,009,651 0.1% 7.0% 5.9%
8 Tesla 490,769 870,087 10.0% 3.4% 5.1% Nissan) account to 27.1% of 2029 N.A. volumes
9 Volkswagen 593,500 787,395 4.8% 4.1% 4.6%
10 BMW 499,557 547,419 1.5% 3.5% 3.2% • German OEMs (BMW, Daimler, and VW) account
11 Mercedes-Benz Group 398,270 332,052 -3.0% 2.8% 1.9%
12 Subaru 276,004 314,423 2.2% 1.9% 1.8% for 9.7% of 2028 N.A. volumes
13 Rivian Automotive 21,073 243,092 50.3% 0.1% 1.4%
14
15
Mazda Motor
Geely Group
200,523
30,496
225,472
121,981
2.0%
26.0%
1.4%
0.2%
1.3%
0.7%
• Other Asian based OEMs (Hyundai, Subaru, Mazda,
16 Fisker 0 62,615 N/A 0.0% 0.4% Geely, Jianghuai,) will account for 12.2% of 2029
17
18
Lucid Motors
VinFast
4,591
0
47,817
44,708
47.8%
N/A
0.0%
0.0%
0.3%
0.3%
N.A. production volumes
19 Canoo 88 28,778 162.5% 0.0% 0.2%
20 Via Motors 0 24,527 N/A 0.0% 0.1% • Tesla accounts for 5.1% of 2029 2029 N.A. volumes
21 Lordstown 499 15,743 77.8% 0.0% 0.1%
22 Oshkosh 0 13,842 N/A 0.0% 0.1%
23 Arrival 797 12,454 58.1% 0.0% 0.1% • New EV Start Ups will account for 1.6%
24 Faraday Future 1,327 11,451 43.2% 0.0% 0.1% • (Rivian, Bollinger, Lucid, Lordstown, Canoo,
25 Bollinger 0 9,140 N/A 0.0% 0.1%
26 Jianghuai 8,516 8,185 -0.7% 0.1% 0.0% Fisker, Oshkosh, Faraday Future, Arrival,
27 Jianghuai-VW 2,984 3,447 2.4% 0.0% 0.0% Amazon/Zoox, Karma, Vinfast, Via,)
28 Amazon 310 1,503 30.1% 0.0% 0.0%
29 Karma Automotive 1,040 1,057 0.3% 0.0% 0.0%
Total N.A. Production 14,445,000 17,150,000 2.5% 100.0% 100.0%
EV Startups
Updated: August 2022
Confidential 7
2022-2029 Vehicle Program Launches
by Powertrain Variants
Total of 280 upcoming program launches with an increasing focus on BEV dedicated platforms and HEV Variants. From
2022-2029, 207 programs launched will offer an electrified variant (74% of all launches)
Powertrain Variants of
Vehicle Programs 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2022-2029
BEV 0 0 2 11 13 16 19 22 18 11 10 11 120
HEV 1 0 2 1 1 1 2 0 1 5 3 4 17
ICE 20 24 20 11 6 11 12 11 15 9 5 4 73
Electric Variant 10 7 5 7 9 7 11 7 13 11 8 4 70
Total Program Launches 31 31 29 30 29 35 44 40 47 36 26 23 280
Battery Electric Vehicle Launches Hybrid Electric Vehicle Launches ICE Vehicle Launches
• A total of 132 Programs Launched in the ‘22 • A total of 83 Programs Launched in the ‘22 • A total of 138 programs launched in the ‘22
to ’29 timeframe will have a BEV variant to ’29 timeframe will have HEV variant (30% to ’29 timeframe will an have ICE variant
(47% of all launches) of all launches) (49% of all launches)
• 120 of those programs will be on BEV only • 66 HEV programs will be on shared • 65 of ICE programs will be on shared
dedicated platforms (91% of all BEV platforms with ICE or BEV variants (80% of platforms with HEV or BEV variants (47% of
launches) all HEV launches) all ICE launches)
Updated: August 2022
Confidential 8
EV Launches Thru 2029 Planned in North America
147+ and growing
Car
22
GM: Celestiq (2023) Tesla: Roadster (2023) Stellantis: Charger (2024) Tesla: Model 3 (2024) Honda: Acura TLX (2026) Volvo: S60 (2027)
# of Launches 2022-2029
CUV
74
Rivian Automotive: R1S (2022) GM: Lyriq (2022) Volkswagen: ID.4 (2022) Geely/Volvo: XC90 (2023) Lucid : Gravity (2024) Ford: Explorer (2024)
SUV
10
GM: Hummer SUV (2023) GM: Escalade IQ (2024) GM: Tahoe EV (2026) Ford: Expedition (2026) Ford: Navigator (2026) Stellantis: Wrangler (2027)
PUP
20
Lordstown: Endurance (2022) Ford: F-150 Lightning (2022) Ram: 1500 (2023) Honda: Ridgeline (2028)
Tesla: Cybertruck (2023) GM: Silverado EV (2023)
Van
Cum. 21
147 GM: EV600 (2022) Arrival: EV Van (2022) Oshkosh: NGDV (2023) Ford Motor: Transit (2026) Honda: Odyssey (2026) Amazon/Zoox: Autonomous Van (2027)
Updated: Aug 2022
Confidential 9
Case Study - OEM Electrification
General Motors and the Ultium Platform
GM’s Ultium platform is a large-scale skateboard architecture used for GM’s electric vehicles. All OEMs are developing
vehicle architectures to utilize the same battery and drivetrain components over multiple vehicle “top hats”.
Standardization is critical to reduce complexity and drive down costs
• Battery manufacturers and OEMs to utilize common
components for different battery packs
• Higher volumes to drive down costs – minimize
unique components Equinox EV
• Simplify components, supply chain, and
assembly
GM BEV3
• GM is targeting 19 different battery and drive ~2/3 of EV Volume
configurations, compared with current 550 ICE ~500k in 2028
drivetrain configurations Cadillac Lyriq
• Commonization of cells has the most significant
impact on pack costs Ultium Cells
• GM and LG Energy targeting cost below
$100/kWh with Ultium battery pack
• Flexibility in design is required to meet demands for Silverado EV
different vehicle types (sedan, trucks, SUVs, etc.)
• Differences in pack sizes ranging from 50 to GM BET
200kWh ~1/3 of EV Volume
~260k in 2028
Hummer EV
Confidential 10Working with EV Startups
EV OEMs can provide significant growth opportunity to suppliers, but assessment of the risks in start-up OEM will be critical
Key Areas Critical Areas for Suppliers to Explore
• What is the customer’s target segment of the market ( Luxury EV, EV truck, Fleet vehicle, public transit )
Strategy and
• Estimated value and share of the market ( total market volume, production volumes, estimated market share)
Market
• Product position vs competitive offerings (Price, technical specification, timing to market/SOP)
Positioning
• Long term strategy for additional products/model launches
• Value proposition: design and engineering elements that create a unique customer value proposition (battery technology, motor technology,
exterior design, interior design, Autonomous and connected technology)
Product • Product and technology feasibility ( is the technology developed enough to support long term commercial growth)
Development &
• Vehicle development timeline (Sled builds, alpha builds, beta builds, testing, preproduction vehicles, start of production, start of sales)
Engineering
• Engineering freeze timing or engineering change process (often late)
• Long leadtime items (passenger safety ) that may delay SOP or sales milestones
• Make vs buy strategy for major components systems
Purchasing • Reputable suppliers and engineering firms that are engaged with the start up
• Ability to mitigate financial risk (advance payments for tooling and engineering)
• Production strategy and location (greenfield, brownfield, contract manufacturer)
Manufacturing • Production readiness timelines, volume forecast, production ramp up
• Level of investment/capital expenditures needed to start production by area (body shop, assembly line, paint shop, battery, etc)
• Financial transparency provided to suppliers (Private vs publicly traded, historical or projected financials)
• Previous and future funding efforts/rounds (milestone contingencies related to funding) and overview of capital structure (Equity vs debt, key shareholders)
Financial
• Understanding of liquidity and current levels of cash on hand
• Current and forecasted cash burn rate, how long will the current funding last?
Confidential 11Interior and Under-hood Plastics
Comprise Majority of Automotive Plastics Opportunity
Weight of Plastics in Avg. Vehicle (lbs.)
~331 Total Pounds
of Plastic in the
The majority of the opportunities in automotive plastics are Average Vehicle
within the Interiors and Under-hood sub segments: 17
14 21
• Interiors comprise 150 lbs. of plastics, 50% of the total plastics Interiors
used in the vehicle Under-hood
34 Bumpers
• Under-hood makes up 79 lbs. of plastics, 24% of the total plastics 165
used in the vehicle Exterior Trim
Lighting Body
79 Panels
Additionally, plastic usage in vehicles is projected to grow from
approximately 9% of total vehicle weight currently to 11.5% of Source: Institute of Production Technologies,
vehicle weight in 2030
Plastic Applications in a Vehicle
Plastics as a % of Vehicle Weight
15.0%
11.5%+
10.0% 9.0%
5.0%
0.0%
2018 2030
Source: McKinsey/Plante Moran research
Confidential 12Impact of EV Transition on Under-hood Plastics Components
Part Type Definition Example products
Due to plastics anti-corrosive nature is
Fluid and fuel often the material of choice in fluid
Growth Systems systems such as coolant expansion
opportunity reservoirs, washer reservoirs, brake fluid
reservoirs, fuel tanks AC Coolant
Washer Fluids Fuel Tanks Brake Fluid Tanks
expansion reservoirs
Will become
Due to high heat and abilities to
obsolete (ICE only) manufacture complex shape assemblies
plastic injection molding is often select
Neutral – used HVAC Systems from HVAC applications such as: shroud
by both ICE/EV and fan assemblies, coolant pump casings,
HVAC ducting, Radiator support Radiator Support Assemblies
Shroud and Fan HVAC Ducting
assemblies
Plastic is the material of choice in under
hood applications due it’s high-heat
resistant properties applications include
Powertrain
end Frames, Rocker Covers, Engine
Underhood
Covers, Intake manifolds, Turbocharger
Applications duct, Timing belt pulleys, Battery Boxes , Oil Pans Engine Covers Air Filters Intake manifold Turbocharger Duct
throttle bodies, Oil pans, SCR Tank
Systems
Battery pack structures, holders, frames,
Electric Vehicle
manifolds, bass bars, Chargers,
Components Connectors, Traction motor plastics
Battery Pack
Chargers Connectors Frunk
Confidential 13Impacts of EV growth on Under-hood Plastics
Electrification Impact
2018- 2025-
System Product Line 2025 2030 2030+ Rationale
Electric vehicle demand more complex coolant systems as maintaining proper battery temperature is
Fluid and fuel Systems
Coolant reserves → ↗ ↗ key to the longevity of the vehicle
Brake Fluid Electric powertrains will increase uptake of full electromechanical braking and reduce the need for
Reserves
→ ↘ ↘ hydraulic braking
Electric powertrains will eliminate the need for fuel systems as they are replaced by battery systems
Fuel Tank → ↘ ↘ and HEV and PHEV variants will utilize smaller gas tanks
ICE Components → ↘ ↘
Under-hood
Applications
Powertrain
Electric vehicle components will replace ICE focused components
BEV Components → ↗ ↗
Transmission Electric vehicle transmission are much less complex than ICE based vehicles, will reduced the need
Components
→ ↘ ↘ for precision value add plastic components
Increase in shared vehicles will increase demand for more complex multi-zone HVAC Systems to
HVAC Systems → → → allow Customers to set climate to their preferred settings
Confidential 14Strategic Directions Impacting both OEMs and Suppliers
Business Models in transition
Suppliers will have critical strategic investment decisions to make over the next 2-3 years. The next decade will
bring dramatic product shifts toward Electric Vehicles, while ICE products will begin to decline dramatically
Today
North America Vehicle Production
Strategic Considerations
Maturity • Product strategy & roadmap
EV Growth
• Organic and M&A growth
strategies
EV • Capability gaps
Introduction • Viability of EV startups and
partners
• Capex decisions
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
North America Vehicle Production
• Product divestitures and
operations restructuring
Maturity ICE Decline
• Consolidation and roll-up
ICE
• Operating profit
reinvestment strategies
• Pricing strategies
Peak ICE in 2022
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050
Confidential 15NAPIS Trends
Automotive Processors vs. Industry
Confidential 16Labor Productivity & Employee Turnover
NAPIS Results
Since 2019, Automotive processor turnover has increased at rate of more than 2x the industry rate. Addressing
declining labor productivity presents processors with their best opportunity to grow profit margins
Employee Turnover
5 ppts
40%
12ppts
• Increased competition for labor from non-manufacturing 30%
companies and high job quit rates drive increasing
employee turnover 20%
10%
• Value added per Labor Dollar is declining– processors must 0%
increase labor productivity to maintain and grow profitability 2016 2017 2018 2019 2020 2021
Full Survey Transportation
• Investment in automation and Industry 4.0 technology will Value Added Per Labor Dollar
be critical to insulate automotive processors from employee $2.50
turnover and increase labor productivity
$2.40
$2.30
$2.20
$2.10
$2.00
2016 2017 2018 2019 2020 2021
Full Survey Transportation
Confidential 17Profitability & Growth
NAPIS Results Two Year Sales Growth
7% Full Survey Transportation
6%
5%
Processors serving the automotive 4%
industry have seen sales growth 3%
underperform the rest of the industry 2%
1%
from 2019-2021 0%
2016 2017 2018 2019 2020 2021
Two Year EBIT Growth
Full Survey Transportation
Processors serving the automotive 20%
industry are earning lower profits than
15%
10%
the industry from 2019-2021 after 5%
outperforming the industry in the prior 0%
-5%
three years -10%
-15%
2016 2017 2018 2019 2020 2021
Confidential 18Quoting Process Improvements
Quote to Win
Confidential 19Perhaps you’ve heard this before??
How do we know what we
How many jobs am I winning? How
are decreases in job size and
think is happening, is really
happening? How trustworthy Have I passed on
increases in competition impacting
our business model? is past experience? all my
inflationary cost
Where in the plant to my
should we focus efforts customers?
to reduce cost?
Which parts and/or customers are
driving down our profit?
Our customer
keeps saying our
rates are too high,
yet they are sub-
optimizing the
rates!!!
Confidential 20Inflation and inaccurate overhead cost implications
Inflation and inaccurate overhead cost assignments are causing plastics processors to under- or over-
price business
Production
overhead and
SG&A are often a • PPV
significant part of
Accuracy Material • Yield
• Process Scrap
product cost, yet Direct • OEE Cost
Labor • Rate inflation
inaccurate and
simple allocations Margin
are used to apply Production
• Mold support Overhead
to product cost. • Maintenance SG&A • Program Complexity
• QA/Engineering • Cost to Serve
• Material Support
• Utilization / OEE
• Change-over / lot size
Impact 21
Confidential 21Criticality of accurate data
Accurate cost and margin data is critical to management decision making
Common Errors Recommendations
BOM Accuracy Track net material issued vs
BOM requirements
Routers with incorrect cycle Realistic standards with
time, crewing or pcs/cycle weekly reviews of variance
to standards
Use of incorrect cost drivers Costs should be applied based
(i.e. cost per unit, % of labor) on its true cost driver (i.e.
material support based on
material cost, machine burden
based on machine hours)
High volume parts subsidize Capture change-over time
low volume parts and lot size
Excess capacity cost included Exclude excess capacity from
in overhead rates quoting rates (winning more
business will absorb excess
capacity
Fixed costs and SG&A applied Apply in machine burden or as
as a % of price (price tax) % of conversion cost or other
more appropriate driver
Confidential 22 22Quote to win – 4 key factors
In most cases, your quoting approach quickly can be transformed to provide far greater accuracy with
relatively little effort
Select the right costing and estimating techniques for your company
• Build accountability
Ensure data inputs are accurate • Create a quick quote vs detailed quote
process
• Build the right culture for pricing, state
Involve the right people in the process risks with the inputs but don’t add
provision, let management add provision
in the final price
Select the right quoting technology • Leverage excel, ERP or other estimating
software consistent quoting/costing
complexity
Confidential 23 23Contact Information • Ted Morgan, Partner Ted.Morgan@plantemoran.com 248.223.3575 • Mark Barrott, Principal Mark.Barrott@plantemoran.com 248.223.3272 To participate in NAPIS: • Greg Alonso, Principal Greg.Alonso@plantemoran.com 248.223-3254 www.plastics.plantemoran.com Confidential 24
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