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    FISITA World Mobility Conference 2025: Key themes and concerns for the automotive industry
    One thing is abundantly clear after the FISITA World Mobility Conference (WMC) last week. Megatrends impact everything. No longer can chassis development, braking, safety validation and so forth stand alone without impact from the broader drive towards electrification, the AI revolution or SDVs, to name a few.  The event’s sessions gave the impression that electrification is already baked into the industry, particularly in Europe where the debate on (regulation-pushed) direction is ...
    Insights
    Beyond horsepower: Compute becomes the new competitive edge for OEMs
    Automotive compute power is becoming a defining metric of vehicle capability — not just for autonomy, but across cockpit systems, connectivity and life-cycle software deployment. As vehicles transition toward centralized electrical/electronic (E/E) architectures and software-defined platforms, silicon performance is now a core determinant of what a vehicle can do — and how long it will remain competitive in the field. Two metrics have emerged as industry standards for measuring this compu...
    Insights
    Lear reports 7.2% year-over-year decline in Q1 FY 2025 sales to $5.5 billion
    Lear has reported a 7.2% year-over-year decline in sales to $5.5 billion in the first quarter ended March 31, 2025. Excluding the impact of commodities, foreign exchange, acquisitions and divestitures, sales were down 5%. The US-based supplier attributed the decline in first-quarter sales to lower production on its key platforms, partially offset by the addition of new business in both of its business segments. Lear reported core operating inc...
    News
    Lear plans to cut 500 jobs at German facility
    Lear has announced plans to reduce its workforce at one of its manufacturing facilities in Germany, stirring fears of a potential shutdown, The Munich Eye reported on March 28. Earlier in 2025, the US-based seating system supplier had already reported the closure of its Kronach plant in Bavaria, and is now considering laying off about 500 employees at its seat manufacturing facility in Besigheim, Baden-Württemberg, Germany, by mid-2025. The Besigheim facility has about 725 employees. Paul Er...
    News
    Lear’s FY 2024 net income declines 11.5% year over year to $506.6 million amid marginal drop in sales
    Lear has reported an 11.5% year-over-year decline in net income to $506.6 million in the financial year ended Dec. 31, 2024, as net sales fell marginally to $23.3 billion. The US-based automotive seating and e-systems supplier recorded consolidated income before income taxes and equity in net income of affiliates of $739.2 million, down 5.7% year over year from $777.2 million in 2023. The company reported a $24 million drop in its core operating earnings to $1.1 billion. The company recorded ...
    Briefing
    Lear partners with General Motors to integrate ComfortMax Seats into select models
    Lear Corp. has announced a partnership with General Motors (GM) to integrate its ComfortMax Seat, a product that combines thermal comfort technologies within trim covers to enhance occupant comfort, thermal management and manufacturing efficiency, into select GM models, starting 2025. “We are honored to partner with General Motors, a company renowned for its commitment to quality and innovation, as we bring the ultimate in seating comfort and design to select GM vehicles," said Ray Scott, p...
    News
    Lear acquires Portugal-based system integrator StoneShield Engineering
    Lear Corp. has announced the acquisition of StoneShield Engineering, a privately-owned system integrator, based in Castelo Branco, Portugal. Established in 2017, StoneShield Engineering has carved a niche for itself in the automation technology landscape, particularly within the wire harness industry. Its core capabilities include robotics, automated taping applications and high-voltage harness assembly. This acquisition aligns with Lear's Innovative, Digital, Engineered and Automated (IDEA) ...
    News
    Lear reports 3% year-over-year drop in Q3 net sales to $5.6 billion
    Lear has reported a 3% year-over-year decline in net sales to $5.6 billion in the third quarter ended Sept. 30, 2024. Excluding the impact of commodities, foreign exchange, acquisitions and divestitures, sales were also down by 3%, reflecting lower production of key Lear platforms, partially offset by new business wins. Despite this, the company outperformed industry performance by 3% during the quarter. The company recorded core operating income of $257 million, down 3.7% year over year from...
    News
    Lear resumes operations at US factory after tentative agreement with workers' union
    The United Auto Workers (UAW) Local 282, which represents nearly 500 union workers in Lear’s manufacturing plant in Wentzville, Mo., has reached a tentative agreement with the company’s management, ending a strike that lasted nearly three days, The Detroit Free Press reported July 25. The end of the strike has enabled General Motors (GM) to resume production at its Wentzville Assembly plant, which had been idled due to the lack of seat supplies from the Lear Wentzville facility for GM's mids...
    News
    Lear reports moderate growth in Q2 earnings on stable sales
    Lear’s net income increased 2.6% year over year to $173.1 million in the second quarter ended June 30, 2024, the US-based supplier said in a press release on July 25. The company reported sales of $6 billion, almost the same level realized a year ago. Lear recorded core operating earnings of $302.2 million compared with $301.8 million in the second quarter of 2023. Furthermore, Lear generated $291 million in net cash from operating activities and $170 million in free cash flow. Lear introdu...
    News
    Lear reshuffles senior leadership team to drive IDEA plan
    Lear has announced significant changes to its senior leadership team, effective 16 May, the company said in a press release. The company has appointed Carl Esposito, senior vice president and president of its E-Systems business as senior vice president of its Innovative, Digital, Engineered, and Automated (IDEA). Established in April this year, ‘IDEA by Lear’ is focusing on driving the future growth of the US based automotive seating E-Systems supplier. IDEA by Lear leverages will focus o...
    News
    Lear's Q1 revenue up 3% y/y to $6 billion
    Lear has posted a revenue of $6 billion for the first quarter of 2024, it said in a press release dated April 30. This represents an increase of 3% compared to the first quarter of 2023. Net income for the quarter came in at $110 million and adjusted net income at $183 million, compared to $144 million and $166 million, respectively, in the first quarter of 2023. Excluding the impact of commodities, foreign exchange and acquisitions, sales were up 2%. This reflected the addition of new busine...
    News
    Lear’s FY 2023 sales grows 12% YOY to $23.47 billion
    Lear Corp. reported its fourth-quarter and full-year results for 2023 in a press statement on Feb. 6. For the full year 2023, Lear recorded a 12% increase in sales to $23.47 billion. Net income for the year surged 74.4% to $572.5 million. Core operating earnings were $1.12 billion, or 4.8% of sales, compared to $871 million, or 4.2% of sales, in 2022. In the Seating segment, margins were 6.1% of sales and in the E-Systems segment, margins were 3.9% of sales. For the fourth quarter, the compan...
    News
    Automotive suppliers may resort to layoffs if UAW strikes continue in the US
    Automotive component suppliers are preparing for potential layoffs if the United Auto Workers (UAW) continues to hold strikes against General Motors, Stellantis and Ford Motor Co., disrupting production and supply chain operations in the US, according to a news report published by Automotive News on September 15. The report said that automotive suppliers are closely monitoring the evolving situation and are working on a plan to deal with prolonged work stoppage. The UAW, the labor union which...
    News
    Lear Q2 FY 2023 total sales up by 18% YOY to $6 billion
    Lear Corp., a global automotive technology leader in Seating and E-Systems, reported second-quarter fiscal year 2023 sales of $6 billion, up by 18% year over year as compared to $5.1 billion in the same period last year. The supplier’s sales outperformed global industry production, driven by growth over the market in E-Systems of 11 percentage points. Net income in the quarter was $169 million, with adjusted net income of $198 million, compared to $69 million and $107 million, respecti...
    News
    Lear forecasts seating business earnings to increase by $700 million between 2023 and 2027
    During its Seating Products Day, supplier Lear announced various medium-term to long-term targets, according to a company press release dated June 27. The company said it expects Seating adjusted earnings to increase by $700 million from 2023 to 2027. Lear also increased its fiscal year 2023 outlook for net sales, core operating earnings and free cash flow. Forecasts also include increasing Just-in-Time (JIT) Seating market share target to 29% by 2027, and achieving overall Seating ...
    News
    Lear completes acquisition of I.G. Bauerhin
    Lear Corp. (Lear) has announced the completion of the acquisition of I.G. Bauerhin GmbH (IGB), according to a company press release April 26. The acquisition was initially announced in May 2022, when Lear had signed a definitive agreement to acquire IGB for €140 million on a cash and debt-free basis. “IGB is the final piece of Lear’s comprehensive strategy to develop and integrate its Thermal Comfort Systems for automotive seating. Lear is the most vertically integrated g...
    News
    Lear’s Q1 FY 2023 sales up 12% YOY to $5.8 billion
    Lear Corp., a global automotive technology leader in seating and e-systems sales grew 12% to $5.8 billion in the first quarter of fiscal year 2023, the company announced on April 27. The company reported net income of $144 million and adjusted net income of $166 million, compared to $49 million and $108 million, respectively, in the first quarter of 2022. The core operating earnings were $263 million, or 4.5% of sales, compared to $184 million, or 3.5% of sales, in 2022. Significance:...
    News
    Lear’s Q3 2022 net sales up 23% y/y to USD5.24 billion
    Lear Corporation has reported third quarter 2022 net sales at USD5.24 billion, up 23% year-on-year (y/y) from USD4.26 billion in the previous year for the three months ended October 2022, according to a filing by the company on 1 November. Operating income for the quarter was reported at USD154.9 million. Net income was reported at USD92.3 million. Ray Scott, Lear’s President and Chief Executive Officer, said, “We expect further improvement in both business segments in the fourth quarter....
    News
    Lear to supply sustainable ReNewKnit sueded material to a global automaker starting 2024
    Lear has announced that the company will supply its premium and fully recyclable ReNewKnit sueded material for use in seating and door panel applications to a global automaker in 2024, it said in a press release on 26 October. Frank Orsini, Executive Vice President and President of Lear's Seating business, said, “At Lear, we are positioning our surface material offerings to what we believe is the future—a global circular economy where repurposed textiles can be infinitely recycled to beco...
    News
    Lear announces Q2 2022 net sales at USD5.07 billion, up 6.51% y/y
    Lear Corporation has reported second quarter 2022 net sales at USD5.07 billion, up 6.51% year-on-year (y/y) from USD4.76 billion in the previous year for the second quarter of 2021, according to a filing by the company on 2 August. Operating income for the quarter was reported at USD187 million, compared to USD233 million from the previous year. Net income was reported at USD68.5 million against USD175.2 million in second quarter 2021. Ray Scott, president and CEO, Lear, said, "In a quarter m...
    News
    Lear to acquire seating climate control specialist I.G. Bauerhin
    Lear Corporation has announced via press release that it entered into a definitive agreement to acquire seating climate control specialist I.G. Bauerhin (IGB) for EUR140 million (USD147.49 million), according to a press release published by Lear Corporation on 20 May.   Lear President and CEO Ray Scott, said, “The acquisition of IGB furthers Lear’s vertical integration strategy and advances our vision of being the leading provider of innovative thermal comfort solutions. Combining Le...
    News
    Lear Corporation acquires seating materials company Thagora Technology
    Lear Corporation has announced its acquisition of Romania-based seating materials specialist Thagora Technology SRL, according to a press release published by Lear Corporation on 19 May.   Frank Orsini, Lear executive vice president and president, Seating, said, “Thagora offers Lear access to scalable, smart-manufacturing tools that will be a valuable addition to our business. We welcome Thagora’s talented employees to the Lear family. Together, we share the same profession...
    News
    Lear reports Q1 2022 net sales at USD5.20 billion, down 2.80% y/y
    Lear has reported first-quarter net sales at USD5.20 billion with a year-on-year (y/y) decrease of 2.80% compared with USD5.35 billion in the first quarter of 2021 for the three months ended 31 April 2022, according to a filing by the company on 3 May. Operating income was reported at USD183.7 million for the first quarter of 2022 compared with USD336.2 million in 2021. Net income was reported at USD49.4 million, compared with USD203.7 million for the first quarter of 2021. The comp...
    News
    General Motors selects Lear to supply seats for the 2024 Chevrolet Silverado EV pickup
    Lear Corporation has been selected by General Motors (GM) to supply front and rear seating systems to the 2024 Chevrolet Silverado electric vehicle (EV) pickup, according to a press release by Lear Corporation on 9 March. Lear designed the foam, trim, structure, mechanism, plastics, and seat harness for the seats, at Lear’s new state-of-the-art facility in Detroit. Ray Scott, Lear president and CEO, said, “With the most complete capabilities of any seating supplier in the world, Lear...
    News
    Lear completes acquisition of Kongsberg Automotive’s ICS business unit
    Kongsberg Automotive (KA) announces completion of sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation, following European Commission’s approval on 25 February 2022, according to a press release published by Kongsberg Automotive on 28 February.    Joerg Buchheim, president and CEO of Kongsberg Automotive, said, “Thanks to both the teams for the smooth transaction. I am excited to see how ICS is further developed within Lear and wish everybody great succes...
    News
    The European Commission authorizes sale of Kongsberg automotive’s ICS business unit into Lear Corporation
    The European Commission has authorized the sale of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit to Lear Corporation, according to a press release published by Kongsberg Automotive on 25 February.   Significance: Lear Corporation is innovating and evolving automotive seating solutions rapidly, through this acquisition of Kongsberg Automotive’s ICS business, Lear intends to expand its already large global footprint with added resources and adapt instantly to emer...
    News
    Lear reports FY 2021 net sales at USD19.3 billion, up 13% y/y
    Seating and E-Systems company Lear Corporation reports fiscal year (FY) net sales of USD19.3 billion with a 13% increase and full year ended 31 December 2021, according to a filing by the company on 8 February. The company has reported its net income at USD374 million as against about USD159 million reported in 2020. Lear Corporation reported its core operating earnings at 35% to USD826 million for FY 2021 against USD614 million in FY 2020. Ray Scott, Lear's president and CEO, said, “Lea...
    News
    Lear’s Q3 2021 revenue declines 13% y/y to USD4.3 billion
    Lear reported a 13% decline in sales year-on-year (y/y) to USD4.3 billion when compared to USD4.9 billion in the third quarter of 2020. Net income for the period was at a loss and came in at USD27 million and adjusted net income of USD32 million compared to USD174 million and USD225 million respectively in the third quarter of 2020. Core operating earnings decreased from USD327 million in the third quarter of 2020 to USD98 million in the third quarter of 2021. Significance: Lear saw a 13% dec...
    News
    Lear to acquire Kongsberg Automotive’s Interior Comfort Systems business unit
    Lear Corporation has signed an agreement to acquire Kongsberg Automotive’ Interior Comfort Systems (ICS) business unit, it said in a press release on 28 October. The ICS business is engaged in specializing with comfort seating solutions such as massage, lumbar, seat heat and ventilation for the auto industry. “By integrating Kongsberg Automotive’s Interior Comfort Systems business unit into our operations, we will build upon our strengths in design, engineering and operational excellenc...
    News
    Lear and Hu Lane Associate form JV to produce automotive connection systems
    Lear Corporation has announced the formation of a joint venture with Hu Lane Associate, according to a company press release on 22 September. The JV company will be initially based in Yangzhou, mainland China and manufacture a portfolio of connection systems products for vehicle architectures. “We identified this joint venture as a way to support Lear’s profitable growth initiatives in connection systems and increase competitiveness in our wire harness business. Partnering with Hu Lane pr...
    News
    Lear’s Q2 2021 net sales nearly doubles y/y to USD4.76 billion
    Lear has reported a 95% year-on-year (y/y) surge in second quarter net sales to USD4.76 billion, the company said in a press release on 6 August. Net income for the period came in at USD175.2 million compared to a loss of USD293.9 million last year. Core operating earnings was USD233 million compared to a loss of USD248 million in the second quarter of 2020. Excluding the impact of foreign exchange, commodities, and acquisitions, sales were up 83%, reflecting increased production on Lear...
    News
    Lear plans to open seat manufacturing facility in Detroit, US
    According to a press release published on the Detroit News on 6 August, Lear Corporation will operate a seat manufacturing facility on the site of the former Cadillac Stamping Plant on Detroit's east side, creating "hundreds of new jobs," officials said Friday. According to Crain's Detroit Business, the Southfield-based company will manufacture seats for General Motors Co.'s electric vehicles (EVs). “We are excited to be supporting GM’s vision of moving to an all-electric future, and even...
    News
    Lear, IMS Connector Systems collaborate for high-speed ethernet solutions
    Lear has signed an agreement with IMS Connector Systems to jointly develop high-speed Ethernet solutions for automotive applications, according to a 16 June press release. The companies are aiming to produce a fully validated product in 2023. “Lear and IMS Connector Systems are sharing extensive experience in connector design and advanced manufacturing to improve high-speed data transmission. These new connectors enable new applications made possible by the growing capabilities of network a...
    News
    Lear’s Q1 2021 sales rise 20% y/y to USD5.4 billion
    Lear has reported results for the first quarter ended 3 April 2021. According to a company press release on 7 May, sales for the quarter increased 20% year on year (y/y) to USD5.4 billion. Excluding the impact of foreign exchange, commodities, and acquisitions, sales were up 15%, reflecting increased production on key Lear platforms and the addition of new business. Core operating earnings increased 64% y/y to USD336 million. The company reported net income of USD204 million and adjusted net inc...
    News
    ACQUISITION: Lear acquires injection molding specialist M&N Plastics
    Lear has acquired M&N Plastic, a US-based injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications, the company said in a press release on 25 March. The company has not disclosed the financial details of the transaction. The acquisition further increases Lear’s vertical integration capabilities to develop and produce complex parts for electrical distribution, including high voltage wire harness and power electroni...
    News
    Lear FY 2020 net sales declines 14% y/y to USD17 billion
    Lear has reported 14% decline in net sales to USD17 billion in the financial year ended 31 December 2020, the US-based automotive supplier said in a press release on 4 February. Excluding the impact of foreign exchange translations and acquisitions, sales decreased 14% y/y in line with 17% y/y drop in global vehicle production, mainly due to the COVID-19 pandemic. The company recorded core operating earnings of USD614 million, down 53% y/y to USD614 million. Lear reported 79% y/y decline in...
    News
    Lear’s Q3 net sales rises marginally y/y to USD 4.9 billion
    Lear has reported marginal growth in net sales of 1.5% year-over-year (y/y) to USD4.9 billion in the third quarter ended 3 October 2020, the US-based automotive supplier said in a press release on 30 October. Excluding the impact of foreign exchange, sales were up 1% y/y against 4% decline in global light vehicle production in the third quarter. Lear recorded core operating income of USD327 million, down 3.2% y/y. Lear also witnessed 19.4% y/y decline in net income to USD174 million. Sales de...
    News
    Lear’s Xevo partners with REEF Technology for contactless payment for parking
    Lear Corporation has announced that its Xevo software business has partnered with REEF Technology to develop contactless payment service for parking, a company press release on 1 October read. This will enable customers to find, reserve and pay for parking from their in-vehicle touchscreen. REEF and Xevo is also looking to expand into additional in-vehicle services such as refueling, electric vehicle (EV) charging, and food and package delivery into vehicles as well as routine vehicle mainten...
    News
    Lear’s Q2 sales drops 52% y/y to USD2.4 billion
    Lear’s sales declined 52% year over year (y/y) to USD2.4 billion in the second quarter ended 30 June 2020, the company said in a press release on 4 August. The company recorded core operating loss of USD294 million against core operating income of USD352 million in second quarter 2019. Lear also reported net loss of USD294 million compared with net income of USD183 million. Sales in Lear’s Seating segment decreased 54.3% y/y to USD1.7 billion. The segment recorded negative adjusted e...
    News
    Lear, Gentherm jointly develop INTU Thermal Comfort Seating with ClimateSense technology
    Seating and e-systems supplier, Lear, has announced its collaboration with American thermal management firm, Gentherm, to jointly develop its latest intelligent seating solution, the INTU™ Thermal Comfort with ClimateSense™ technology. According to a press release from Gentherm dated 3 August, this new system aims to create an ideal personal climate using ambient cabin conditions and intelligent software. This system makes use of intelligent zonal thermal management, rather than a traditi...
    News
    COVID-19 pandemic: Lear to make 500,000 protective face masks per week in US
    The US-based automotive supplier Lear Corporation has added new equipment to its operations in Pine Grove, Pennsylvania, US, to produce up to 500,000 protective face masks per week, the company announced in a press release on 11 June 2020. "Adding production capacity at our Pine Grove facility is the most recent action we have taken to use our available manufacturing and technology resources to quickly and effectively address the health care crisis worldwide," said Ray Scott, Lear President a...
    News
    Lear provides update on liquidity position
    Lear Corporation has provided an update on its liquidity position via a press filing on 21 April. Lear said that as of the quarter ended 4 April 2020, it had about USD2.45 billion in cash on hand, including a USD1 billion of cash proceeds from the Company's revolver drawdown. Lear also has USD750 million remaining on its revolving credit facility, which matures in August 2024. Significant: Lear is a US-based automotive seating and electrical systems supplier. In March 2020, the with...
    News
    COVID-19 pandemic: Lear adds capacity to produce protective masks
    Lear has expanded protective masks production capacity at its AccuMED’s production facility in Mocksville, North Carolina, United States, to fight the spread of the coronavirus disease 2019 (COVID-19) pandemic, the company said in a press release on 30 March. The US-based automotive supplier donated masks to the Detroit Medical Center and the City of Detroit for use by the police and fire departments. “We are proud to support pandemic relief efforts in the communities where we live and wo...
    News
    COVID-19 pandemic: Lear withdraws guidance for financial year 2020
    Owing to the prevailing coronavirus disease 2019 (COVID-19) pandemic, Lear has withdrawn its guidance for the financial year 2020, the company announced in a press release on 26 March. The company will provide more information in its first-quarter 2020 earnings call. Lear has also announced several measures for ensuring employee safety and the company's financial flexibility. The company has asked  nonessential administrative staff to work from home; it has also been managing shift chang...
    News
    Tire pressure monitoring systems to become an increasingly prevalent feature in automobiles
    Safety has become an incredibly important priority for today’s automotive manufacturers. Vehicles are becoming increasingly powerful and more complex, and when that is coupled with improving road infrastructure in many parts of the world and a steadily rising density of automobiles, it has the potential to become a high-risk mix. Therefore, making vehicles as safe as possible is vital. Manufacturers have added a wide variety of safety features to their model lineups, and these features eventua...
    Insights
    Lear’s 2019 net income drops 34% y/y to USD753.6 million
    Lear’s net income declined 34% year over year (y/y) to USD753.6 million in the fiscal year ended 31 December 2019, the US-based automotive supplier said in a press release on 28 January. Sales dropped by 6% y/y to USD19.8 billion. The company recorded core operating earnings of USD1.3 billion, compared to USD1.7 billion for the full year 2018. Net sales in the Seating segment decreased 6.2% y/y to USD15 billion and fell by 7.8% y/y to USD4.7 billion in E-Systems segment. Adjusted segment ma...
    News
    Lear invests in Autotech Ventures to support mobility technology start-ups
    Lear Corporation has invested in Silicon Valley-based venture capital firm Autotech Ventures to support startups in deploying revolutionary mobility technologies, the company said in a press release on 7 January. Lear invested in Autotech Ventures through Lear Innovation Ventures (LIV). Significance: LIV was launched in January 2019 to identify advanced development teams and early stage technologies and provide direct capital to innovation initiatives. Lear’s LIV focuses on product, process...
    News
    Lear’s Q3 net income declines 14.5% y/y to USD215.9 million
    Lear’s net income declined 14.5% year over year (y/y) to USD215.9 million in the third quarter ended 30 September 2019, the US-based automotive supplier said in a press release on 25 October. Sales dropped marginally by 1% y/y to USD4.82 billion, reflecting lower production on Lear’s platforms and net foreign exchange rate fluctuations. Excluding the impact of foreign exchange translations and the Xevo acquisition, sales remained unchanged compared with the third quarter 2018. The company re...
    News
    Lear appoints Jason Cardew as CFO
    Lear Corporation, a manufacturer of automotive seating and electrical and electronic systems, has appointed Jason Cardew as senior vice president and chief financial officer (CFO), effective 1 November 2019, according to a company press release on 1 October. Cardew will report to Ray Scott, Lear’s president and CEO. Cardew will succeed Jeffrey H. Vanneste, who currently serves as senior vice president and CFO. After more than 20 years with the company, Vanneste has decided to retire, effect...
    News
    Xevo ties up with Hyundai Motor for in-vehicle commerce in US and Europe
    Lear Corporation has announced that its automotive software company Xevo has tied up with Hyundai Motor to deliver Xevo Market capabilities in Hyundai vehicles in the US and Europe, according to its press release on 5 September. The platform will allow customers with compatible Hyundai vehicles to interact with merchant brands and services through a simple interface on the in-vehicle touchscreen and Hyundai's mobile app. “Our Xevo Market technology allows Hyundai to offer its custom...
    News
    Lear appoints Carl Esposito as president of E-System
    Lear Corporation has appointed Carl Esposito as senior vice-president and president of its E-Systems business, the US-based supplier said in a press release on 14 August. Esposito will join Lear on 3 September 2019 and report to the company’s president and CEO, Ray Scot. Esposito has more than 30 years of work experience in the aerospace industry with expertise in electronics, software development and connectivity. Most recently, he worked as president of the Electrical Solution strategic b...
    News
    Lear’s Q2 net income falls 44.8% y/y to USD182.8 million
    Lear has reported a 44.8% year-over-year (y/y) decline in net income to USD182.8 million for the second quarter ended 29 June 2019, the US-based supplier said in a press release on 26 July. Net sales for the period were down 10% y/y to USD5 billion. Lear recorded core operating earnings of USD351.6 million, down 25.2% y/y. Lear posted adjusted net income of USD235.8 million, down 28.5% y/y. Sales in the company’s Seating segment declined 11.3% y/y to USD3.8 billion; the segment’s earnings...
    News
    Lear reports preliminary financials for Q2 2019; sales down 10% y/y
    Lear has announced preliminary results for the second quarter ended 30 June 2019. According to a company press release on 16 July, the company expects second quarter sales to be approximately USD5 billion, down 10% year-on-year (y/y) and a decline of 7% excluding the impact of foreign exchange and acquisitions. Lear anticipates core operating earnings to be approximately 7% of sales. In the second quarter of 2019, Lear expects free cash flow of approximately USD265 million. Adjusted margins i...
    News
    Lear Innovation Ventures partners with Plug and Play Silicon Valley
    Lear Corp. and Plug and Play, a global startup accelerator and corporate innovation platform, have announced a strategic partnership focused on advancing mobility innovation in the automotive industry, Lear said on 13 June. The partnership will be co-ordinated through its Silicon Valley office of Lear Innovation Ventures (LIV) in San Mateo, California. "Plug and Play is well known globally for its ability to attract the best startups and investments across a variety of technical industries," ...
    News
    Lear to close electrical systems plant in US state Michigan
    Automotive seating supplier Lear plans to permanently close its plant in Taylor, Michigan, United States, according to a report by Crain’s Detroit Business on 11 June. The move is expected to affect 76 employees. The company expects to close its Taylor Plant by 21 October, according to the report citing a WARN notice filed with the state. Lear will shift work from the Taylor facility to a newly expanded facility in Traverse City. In addition, the company is offering affected employees the chan...
    News
    Lear showcases synergies between Xevo Market and Exo Technology at TU Automotive Detroit 2019
    Lear has showcased synergies between Xevo Market and Exo Technology at the TU Automotive Detroit 2019, held in Novi, Michigan, the company said. Xevo Market is an automotive commerce and service platform that connects consumers with their favorite brands through in-vehicle touch screens and mobile apps. Xevo Technology offer global navigation satellite system (GNSS) solutions to provide highly accurate positioning of vehicles. By combining these two technologies Lear aims to offer vehicle occupa...
    News
    Lear partners with CARMERA to enhance EXO vehicle positioning technology
    Lear has signed CARMERA, a firm specializing in in real-time, high-definition (HD) maps for autonomous mobility, as a development partner in its EXO Technology Partnership Program, the US-based automotive seating and electrical systems supplier said in a press release on 29 May. Lear’s EXO Technology Partnership Program is a collaborative effort with vehicle manufacturers and other ecosystem players to offer a full automotive solution for vehicle-to-everything (V2X) and Level 2 and Level 3 aut...
    News
    Lear’s Q1 net income down 35.2% y/y to USD228.9 million
    Lear has reported a 35.2% year-over-year (y/y) decline in net income to USD228.9 million for the first quarter ended 31 March 2019, the US-based supplier said in a press release on 26 April. Net sales for the period were down 10% y/y to USD5.2 billion. Lear recorded core operating earnings of USD378 million, down 23% y/y. Lear posted adjusted net income of USD253 million, down 29.2% y/y. Sales in the company’s Seating segment declined 9.6% y/y to USD3.9 billion; the segment’s earnings als...
    News
    Lear completes acquisition of automotive software supplier Xevo
    Lear has completed the previously-announced acquisition of automotive software specialist Xevo, the company said in a press release on 17 April. The acquisition significantly expands Lear’s capability in software, services and strengthens its presence in vehicle connectivity. Xevo offers two key solutions for the automotive market: Xevo Markit and Journeywary. Xevo Market is an automotive commerce and service platform that connects consumers with their favorite brands through in-vehicle tou...
    News
    Connected Gateways Market – A Review of The Current Situation
    Automobiles used to be very simple, with electrics covering all but the basics with lighting and ignition. Over time, and with the development of integrated circuitry, electronics entered the vehicle with single wires being used as control lines between switches and actuators. Modern vehicles feature many mutually linked built-in electronic control units (ECUs) that exchange signals, forming several communication networks, which handle a variety of communication protocols and data formats such a...
    Insights
    Lear signs definitive agreement to acquire connected car software developer Xevo
    Lear has entered a definitive agreement to acquire Xevo, a US-based firm specializing in connected car software, for USD320 million, the company said in a press release on 2 April. The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in the second quarter of this year. Lear plans to fund the acquisition through a debt financing. “The acquisition of Xevo broadens Lear's connectivity portfolio, bringing together Xevo’s leading e-...
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    Seating Subsystem Lightweighting
    The seating subsystem in the interiors component area is estimated to account for more than 40% of the total component area weight and up to 6% of the total vehicle weight. In terms of additional comfort and luxury features, one of the first targets for OEMs is to improve the driving experience even more, thus making a challenging case for lightweighting. IHS Markit’s research on the materials and lightweighting sector provides interesting insights into weight reduction and features mass addit...
    Insights
    Lear invests in Israel-based Maniv Mobility Venture Capital Fund
    Lear has invested in Maniv Mobility, an Israel-based venture capital (VC) fund dedicated to investing in new mobility technologies, the company said in a press release on 11 March. The US-based supplier invested in Maniv Mobility through its wholly owned subsidiary, Lear Innovation Ventures (LIV) Possibilities. Lear expects its strategic investment in Israeli VC fund to enable future collaboration and its involvement in mobility technology ecosystem. “Maniv is recognized as one of the premi...
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    Lear’s JV Integrated Manufacturing & Assembly plans to lay off 175 employees at Detroit plant
    Integrated Manufacturing & Assembly (IMA), a joint venture (JV) of Lear, will lay off 175 employees at a manufacturing plant in Detroit, United States. On 6 February, IMA, a supplier of automotive seating systems, filed a letter to the state of Michigan stating that "due to a program loss, the layoff is expected to affect 175 total employees, and will take effect in stages from 7 April 2019 through 31 May 2019." The layoffs are expected to last an indefinite period "greater than six months,"...
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    Automotive Cabin Comfort – The rising application of seat thermal management
    In automotive design, passenger comfort is a central element along with the other performance and efficiency parameters. Manufacturers invest a lot of resources to ensure the highest degree of ambiance, ergonomics, and user experience for the occupants. Extreme seasonal swings in ambient temperatures caused by global warming mean that an effective and efficient cabin thermal management is crucial for passenger comfort and well-being. The occupants are not likely to rate the vehicle high on comfo...
    Insights
    Lear’s FY 2018 net income down 12.4% y/y to USD1.1 billion
    Lear has reported a 12.4% year-over-year (y/y) decline in net income to USD1.14 billion for the fiscal year ended 31 December 2018, the US-based supplier said in a press release on 25 January. Net sales for the period were up 3.3% y/y to USD21.1 billion. Lear recorded core operating earnings of USD1.74 billion, an increase of 1.7% y/y. Lear posted adjusted net income of USD1.2 billion. Sales in the company’s Seating segment grew marginally by 0.9% y/y to USD16 billion; the segment’s earni...
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    Lear launches ‘Lear Innovation Ventures Possibilities’ to develop intelligent solutions
    Lear launched a separate division called 'Lear Innovation Ventures (LIV) Possibilities' to focus on product, process, and business model innovation, the company announced in a press release on 8 January. LIV Possibilities is led by the company’s chief technology officer (CTO) John Absmeier. "We are well positioned through our diverse product portfolio and strong financial discipline to separate ourselves from our competitors, even in challenging times," said Ray Scott, Lear president and CE...
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    Lear signs Hyundai-Kia as development partner in 'EXO Technology Partnership Program'
    Lear has signed Hyundai-Kia America Technology Center (HATCI) as its first development partner in its ‘EXO Technology Partnership Program’, the US-based automotive seating and electrical systems supplier said in a press release on 9 January. Lear’s EXO Technology Partnership Program is a collaborative effort with vehicle manufacturers and other ecosystem players to offer a full automotive solution for vehicle-to-everything (V2X) and Level 2 and Level 3 autonomous driving features.  &n...
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    Gentherm, Lear partner to jointly develop thermal seating solutions
    Gentherm and Lear have announced a strategic partnership to develop thermal seating solutions, according to company press releases on 8 January. Under the partnership, highly integrated, modular heat and cool solution for Lear’s ‘Intu’ seating system will be developed. “Our strategic collaboration with Lear demonstrates a systematic approach to developing a thermal management seating solution that optimizes the integration of our respective technologies, resulting in a superior comfort e...
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    Electronics component consolidation on the rise
    The automotive industry is facing immense pressure from end users for more features at lower costs. This has created an opportunity for industry players to innovate and change the electronic architectural design in several areas of the vehicle. Modern cars consist of several electronic control units (ECUs) controlling various functions such as air conditioning, lighting and transmission. The functions may be distributed among various ECUs which are generally connected to one or more system bu...
    Insights
    CES 2019: Rinspeed’s concept vehicle to feature Lear's ‘Intu’ intelligent seating system
    Lear has announced a collaboration to integrate its ‘Intu’ intelligent seating system in Rinspeed AG all-electric autonomous concept vehicle ‘microSNAP’, the company announced in a press release on 7 January. "At Lear, we understand how important it is to create a driving experience that dynamically adapts to the consumer. Our Intu seating technologies provide simple and intuitive solutions for optimizing comfort and wellness. The Rinspeed microSNAP will showcase technologies that allow ...
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    Lear’s Q3 net income down 14.4% y/y to USD252.5 million
    Lear has reported a 14.4% year-over-year (y/y) decline in net income to USD252.5 million for the third quarter ended 29 September 2018, the US-based supplier said in a press release yesterday (25 October). Net sales for the period were down 1.8% y/y to USD4.89 billion. Lear recorded core operating earnings of USD399.2 million, a decrease of 2% y/y. Sales in the company’s Seating segment declined 4.8% y/y to USD3.6 billion; the segment’s earnings also fell 1.6% y/y to USD294 million. In th...
    News
    Lear opens new plant in US to manufacture seats
    On 11 August, Lear held an opening ceremony for a new plant in Flint, Michigan (United States), the US-based supplier said in a press release yesterday. The 156,000-square-feet plant will produce seats for just-in-time delivery to General Motors’ (GM) vehicle assembly plants in Flint and in Fort Wayne, Indiana (United States). The plant will employ around 600 people by the end of 2019, including 400 new employees. According to the US-based supplier, the company’s new plant in Flint i...
    News
    EDITORIAL – Investments in connectivity and electrification technologies to drive growth of Lear’s E-Systems business
    Last week, Lear held an ‘Investor Day’ event in Michigan (United States) outlining its future growth strategy for the next five years. The company forecasts its sales to grow at a compound annual growth rate (CAGR) of around 7% to USD30 billion by 2023, compared with USD22 billion expected this year. Interestingly, Lear expects its much smaller E-Systems business to grow at a faster rate than its Seating business, which drove its financial performance over the past five years. In 2017, Le...
    Insights
    Lear appoints John Absmeier as CTO
    Automotive seating and electrical systems supplier Lear has appointed John Absmeier as its chief technology officer (CTO), according to a company press release yesterday (5 June). Absmeier will assume the newly-created role on 18 June, and report to Ray Scott, president and CEO of the company. He will lead all aspects of Lear's technology and innovation efforts. Prior to joining Lear, Absmeier served as vice-president of smart machines at Samsung Electronics as well as senior vice-president a...
    News
    Lear workers at Canadian plant approve four-year contract
    Unifor-affiliated workers at Lear’s plant in Ajax, Canada, have approved a four-year contract, according to Unifor Local 222 website. The new four-year contract, covering 320 workers, was ratified by a vote of 72 per cent. The approval comes after the Union and management reached tentative agreement on Friday (4 May), following Lear’s warning that the company would close the Ajax plant in the event of its failure to reach a mutually acceptable agreement with the plant’s workers. Before tha...
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    Lear, Unifor reach another tentative agreement to avert closure of Canadian seating plant
    Unifor reached a tentative agreement with Lear at the supplier’s seating plant in Ajax, Ontario (Canada), according to Unifor Local 222 website. “A new tentative agreement has been reached with Lear Ajax. A ratification meeting will take place at 4pm on Friday, May 4 at the Unifor Local 222 Union Hall,” the website said, providing an update on the strike. Significance: Unionized workers at Lear’s Ajax plant have been on strike since Saturday (28 April) after they failed to reach an ag...
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    Strike continues at Lear’s seating plant in Canada as union members reject tentative agreement
    Workers at Lear’s seating plant in Ajax, Canada continue to be on strike after they voted against the tentative agreement, according to Unifor Local 222 website. Earlier on Tuesday (1 May) morning, the Union Local 222, which represents 320 workers at Lear’s Ajax facility, reported that they reached a tentative agreement with the management and a ratification meeting was scheduled in the evening same day.       Significance: Unionized workers at Lear’s Ajax plant...
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    Lear’s Q1 net income up 15.7% y/y to USD353.7 million
    Lear has reported a 15.7% year-over-year (y/y) growth in net income to USD353.7 million for the first quarter ended 31 March 2018, the US-based supplier said in a press release yesterday (26 April). Net sales for the period were up 14.7% y/y to USD5.73 billion. Lear recorded core operating earnings of USD490.5 million, up 13.6% y/y. Sales in the company’s Seating business increased 11.9% y/y to USD4.3 billion; the segment’s adjusted earnings increased 8.9% y/y to USD358.2 million. In the ...
    News
    Lear expands seating structure manufacturing plant in Portugal
    Lear Corporation has expanded production capacity at its seating structure plant in Valença, Portugal, the company announced in a press release today (21 March). The supplier has added 11,000 square meters of production space and 1,200 square meters of office space. "We're pleased to be able to expand our operations to better serve our customers, which will optimize our ability to deliver our world-class products. The Valença facility will feature increased state-of-the-art technology in align...
    News
    Lear appoints new presidents of Seating, E-Systems business units
    Lear has appointed Frank C. Orsini as executive vice president and president of its Seating division, and Jeneanne M. Hanley as senior vice president and president of E-Systems division, effective immediately, according to a company press release on 1 March. "We are very fortunate to have a deep bench of industry-leading talent," said Ray Scott, Lear's president and CEO. "Each of the two executives we are appointing to new senior leadership positions today has more than 20 years of broad oper...
    News
    Lear’s 2017 net income up 34.7% y/y to USD1.3 billion
    Lear has reported a 34.7% year-over-year (y/y) growth in net income to USD1.3 billion for the year ended 31 December 2017, the US-based supplier said in a press release on 26 January. Net sales for the period were up 10.3% y/y to USD20.5 billion. Lear recorded core operating earnings of USD1.7 billion, up 12% y/y. Sales in the company’s Seating business increased 10.5% y/y to USD15.8 billion; the segment’s adjusted earnings increased 11.8% y/y to USD1.3 billion. In the E-Systems segment, ...
    News
    Impact of Autonomous Driving on Lighting
    Autonomous vehicles (AVs) represent a major innovation for the automotive industry in terms of technology and design. A fully automated-driving system undertakes all aspects of dynamic driving on all roadways and in all environmental conditions, which are usually done by human drivers. The prospect of fully autonomous cars comes closer to reality, as manufacturers add intelligent driver assistance features to passenger cars. Table: Autonomous Driving Levels     ...
    Insights
    Lear to buy GPS technology developer EXO Technologies
    Automotive seating and electrical systems supplier Lear has inked a definitive agreement to acquire Israel-based EXO Technologies, a developer of GPS technology for autonomous and connected vehicle applications, the company announced in a press release yesterday (11 December). The company did not disclose financial details of the transaction. Significance: EXO Technologies, with operations in San Mateo, California; and Tel Aviv, Israel, develops technologies for high accuracy positioning of v...
    News
    Why are manufacturing locations of wiring harnesses constantly shifting?
    Electric and electronic systems impact almost every part of the car, the powertrain, infotainment, safety, convenience and comfort. The earliest applications of electronics in vehicles were engine and transmission control, but electronics have now penetrated virtually every aspect of the vehicle. The automotive industry is entering a new age of electronics with new safety and connectivity system solutions.  In order to relay information and electric power between different components of the...
    Insights
    Lear president, CEO Matt Simoncini to retire in February 2018
    Lear has announced that its president and CEO Matthew (Matt) J Simoncini has elected to retire from the company, effective 28 February 2018, the company said in press release on 16 November. The US-based supplier also announced that Ray Scott, who is currently serving as executive vice president and president of Lear’s Seating business unit, will replace Simoncini as its new president and CEO. Simoncini will serve as an adviser to Scott through the end of next year to assist in the transition ...
    News
    Lear breaks ground on new seat plant in US
    Last week (1 November), Lear broke ground on a new seat manufacturing plant in Hammond, Indiana (United States), reports The North West Indiana Times. The US-based supplier will invest USD30 million in the new plant that will produce seats for Ford’s new sport utility vehicle (SUV) platforms, starting with 2020 model-year vehicles. The company plans to consolidate its Hammond and Portage operations, both in Indiana, at the new plant in Hammond. The 240,000-square foot plant is expected to b...
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    Lear’s Q3 net income up 37.6% y/y to USD295.2 million
    Lear has reported a 37.6% year-over-year (y/y) growth in net income to USD295.2 million for the third quarter ended 30 September 2017, the US-based supplier said in a press release yesterday (25 October). Net sales for the period were up 10% y/y to USD5 billion. Lear recorded core operating earnings of USD408 million, up 12% y/y, resulting in an operating margin of 8.2%. Sales in the company’s Seating segment increased 10.1% y/y to USD3.9 billion which led 10.8% y/y growth in the segment’...
    News
    Lear breaks ground on new seating facility in US
    On 2 October, Lear broke ground on new seat manufacturing facility in Flint, Michigan (the Unites States), the company announced in a press release. The 156,000-square feet facility will be located on the former site in Buick City complex in Flint. The facility is expected to create 600 jobs when it reaches full production. The new seating facility is scheduled to begin production in April next year. Lear is investing approximately USD30 million in the plant, coupled with local and state incenti...
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    Lear, Honeywell collaborate on automotive cybersecurity software solutions
    Lear will collaborate with Honeywell to jointly provide automotive software technology and infrastructure solutions to address threats associated with connected and autonomous vehicles development, the two US-based companies announced in a press release on 12 September. The collaboration will result in pairing of Lear’s expertise in automotive electrical distribution systems and connected gateway with Honeywell’s intrusion detection technology software and security operations centers to prov...
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    Lear to introduce connectivity technology in Audi vehicles in 2018
    Lear is planning to launch its connectivity technology ‘Connexus’ in Audi vehicles in the fourth quarter of 2018, Automotive News reported on 6 September. The company’s Connexus hardware enables over-the-air updates and vehicle-to-infrastructure (V2I) capabilities in vehicles. After introducing the connectivity technology in Audi vehicles, Lear plans to expand its product offerings to other brands of the Volkswagen Group, the report said. "Connectivity is happening right now. The data i...
    News
    Lear to build new seating plant in US
    Lear has confirmed plans to construct a new automotive seating plant in Flint, Michigan (the United States), the US-based company said in a press release today (23 August). The new plant will manufacture seats on a just-in-time basis for future vehicle production at GM's assembly plant in Flint. The company will start construction of the new 160,000-square foot plant this autumn, with completion scheduled for early 2018.  The plant is expected to create approximately 600 jobs. "We apprec...
    News
    Lear announces closing of USD750 million senior notes offering
    Lear has completed its previously announced senior unsecured notes offering worth USD750 million, according to a company press release last week (17 August). The offering of notes, due 2027, carries a coupon rate of 3.80%. The offering follows the closing of Lear’s new USD2 billion credit agreement that was announced earlier this month. "Our recently completed financing activity represents an important first step in transitioning our debt structure to reflect our investment grade ratings and p...
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    Lear announces pricing for USD750 million senior notes
    Lear has announced pricing for underwritten public offering of senior unsecured notes worth USD750 million, the company announced in a press release on 14 August. The offering of notes, due 2027 and carrying a coupon rate of 3.80%, is expected to close on 17 August 2017, subject to market conditions and other factors. Significance: Lear expects net proceeds from the offering to be USD738.5 million, after deducting the underwriting discount and estimated offering expenses. The company intends ...
    News
    Lear refinances existing credit facilities
    Seating and electrical systems supplier Lear has ‍entered into a new credit agreement to refinance its existing credit facilities​, according to a company press release yesterday (8 August). The new credit agreement consists of USD1.75 billion revolving credit facility and a USD250 million term loan facility. ‍Revolving credit facility and term loan facility will mature on 8 August 2022​. Significance: Lear said refinancing of existing credit facilities will help it extend the maturit...
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    Lear’s Q2 net income up 10% y/y to USD312 million
    Lear has reported a 10% year-over-year (y/y) growth in net income to USD311.9 million for the second quarter ended 1 July 2017, the US-based supplier said in a press release yesterday (26 July). Net sales for the period were up 8% y/y to USD5.1 billion. Lear recorded core operating earnings of USD439 million, up 8.4% y/y, and operating margin of 8.6% compared to 7.6% a year earlier. Sales in the company’s Seating segment increased 10.5% y/y to USD4.02 billion; the segment’s earnings stood...
    News
    Lear starts building new Asia headquarters and technical center in Shanghai
    Lear has started building its new Asia headquarters and technical center in the Yangpu District of Shanghai, China, according to a company press release yesterday (8 May). "The Asia-Pacific region continues to be the largest and fastest growing region of the world. We are very pleased to be building a new regional administrative and technical center in Shanghai, as China is Lear's fastest growing market, and our business in the Asia-Pacific region is expected to continue to grow rapidly," said M...
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    Lear concludes acquisition of Grupo Antolin's automotive seating business
    Lear concluded the acquisition of Grupo Antolin's automotive seating business last week (28 April), according to a company press release. "We are very pleased to add Grupo Antolin's strong capabilities to Lear's global seating business. This acquisition will further strengthen and diversify Lear's seating business, improve the overall value we are able to offer our customers and provide additional opportunities to grow our market share," said Matt Simoncini, Lear's president and CEO. Signific...
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    Lear’s Q1 net income up 23% y/y to USD305.8 million
    Lear has reported a 23% year-over-year (y/y) growth in net income to USD305.8 million in the first quarter ended 1 April 2017, the US-based supplier said in a press release yesterday (26 April). Net sales for the period were up 7.2% y/y to USD5 billion. Lear recorded core operating earnings of USD431.5 million, up 11.5% y/y, and operating margin of 8.3% compared to 7.6% a year earlier. Sales in the company’s Seating segment increased 7.4% y/y to USD3.9 billion; the segment’s earnings was ...
    News
    Lear plans to close seating cover production facility in Hungary―report
    Lear Corporation, a US-based supplier of automotive seating systems and electrical power management systems, is considering closing its seating cover production facility in northern Hungary, Plastic News Europe reported on 21 April. The shutdown could result in a lay-off of more than 800 workers, the report said citing Hungarian media reports. Lear is expected to taper off production at the Mór production facility by the end of 2017, reports Hungarian news agency MTI, quoting a national unio...
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    EU approves acquisition of Grupo Antolin's seating business by Lear
    The European Commission (EC) last week (12 April) approved Lear’s acquisition of the seats and metal business of Grupo Antolín-Irausa under the EU Merger Regulation, according to EC website. The EC said that the proposed acquisition is not likely to raise competition concerns given the parties' moderate combined market positions resulting from the proposed transaction and the presence of a number of strong players. Significance: In February this year, Lear signed a definitive agreement to ...
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