Eagle Ottawa provides advantage for confident Lear
23/10/2015
The group, which owns the Eagle Ottawa tannery, reported sales of $4.3 billion, up 2% from a year ago, 11% growth excluding impact of foreign exchange.
Lear CEO Matt Simoncini said: "The recent acquisitions of Guilford Performance Textiles and Eagle Ottawa Premium Leather combined with our world-class sewing and seat component capabilities provide Lear with a competitive advantage in seat design and craftsmanship.
“With the industry's low cost position and leading product capabilities in both of our business segments, we are well positioned to take advantage of major industry trends and profitable sales growth opportunities."
In the seating segment, sales were up 5% in the quarter to $3.4 billion, reflecting the acquisition of Eagle Ottawa and the addition of new business, partially offset by the impact of foreign exchange.
Excluding the impact of foreign exchange, sales increased 14%.
Sales in 2015 are expected to be approximately $18.2 billion.
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