Vehicle converter Starcraft Corp. has reopened its Tecstar subsidiary plant in Grand Prairie, Tex., and amended its credit facility with its primary lender.
The Texas plant makes upfit packages for GM Suburban and Tahoe SUVs. The Tecstar factory had been on “an extended shutdown due to the model changeover,” according to Starcraft.
Goshen, Ind.-based Starcraft is under contract to provide Suburban and Tahoe appearance upfit packages through 2004. Starcraft estimates it will get $150 million in sales revenue over the life of the contract.
Additionally, the credit facility amendment will allow Starcraft to borrow up to $10 million to finance Tecstar operations. Previously, Starcraft’s credit limit was $8 million.
Starcraft also believes it will remain in compliance with the financial ratios included in its credit facility agreement at least through Sept. 30, the end of its current fiscal year.