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China growth gives boost to Lear

11/05/2021
Seating manufacturer Lear Corporation has reported a 20% rise in first quarter sales to $5.4 billion, and a 64% growth in profits to $336 million.

The owner of the Eagle Ottawa tannery said this was due to increased production and the addition of new business.

In the first quarter, global vehicle production increased by 14% compared with a year ago, with China up 80%, Europe flat and North America down 4%, it said.

Ray Scott, Lear's CEO, said:  “Despite multiple challenges, including component shortages impacting industry production, the Lear team delivered strong financial results in the first quarter.

“Our leadership position in operational excellence is driving new business wins and significant growth over market in seating and e-Systems. We continue to invest in innovation and technology to further strengthen our competitive position.”


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