Lear to cut jobs, close facilities
US-based automotive interior manufacturer and designer, Lear Corporation is to implement a global restructuring plan to address what it terms as unfavourable automotive industry conditions.
The initial phase of restructuring activity will affect five facilities in North America and
In connection with the restructuring, Lear expects to incur pre-tax costs of up to $250 million.
Bob Rossiter, chairman and chief executive officer of Lear stated, "We are implementing this restructuring plan to improve our overall competitive position in light of extremely challenging industry conditions. While the actions we are taking are difficult, these steps are consistent with our strategy to deliver superior long-term value to our customers and shareholders."
