Advanced ID says auto industry in ‘meltdown’

ERJ staff report (DS)

Calgary, Alberta — Advanced ID Corp, which makes and sells RFID chips to the tyre industry, has issued a letter to shareholders saying, “we experienced the meltdown of the auto industry which has greatly impacted the tyre industry.” The company adds, ” Estimates of decreased global tyre production are upwards of 40%.”

As a consequence the company said it is restructuring operations in the UK and in China. It did not say what ‘restructuring’ means in this context. The company has also changed…

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