Lear sees positives in China despite revenue dip
Car seats manufacturer Lear Corporation, the owner of US tannery Eagle Ottowa, has reported revenues of $5.6 billion in the third quarter, compared with $5.8 billion in the third quarter of last year.
The group reported growth in China, and signed new contracts with a premium European automaker and Hyundai.
Lear’s CEO, Ray Scott, said: “In China, the relationships we have built with key customers are generating additional business wins. In Seating, we won several new awards with BYD, Xiaomi and Seres, and in E-Systems, we were awarded new business for multiple programs with the Dongfeng Group. While margins remain below our mid-term targets in each segment, we continue to make significant progress with the factors we control.
“I am confident that the innovative products we are developing, combined with the investments we are making in advanced manufacturing, will support revenue and earnings growth, strong cash flow generation and significant shareholder returns.”
The group operates 265 facilities in 38 countries.
