Lear to Cut Jobs, Shut Factories to Reduce Costs
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Lear Corp., the largest maker of automotive interiors, said Friday that it would eliminate 6,500 jobs and close 21 factories and offices to reduce costs as auto makers in North America build fewer cars and trucks.
The company will close most of the facilities and eliminate the majority of the jobs this year, Lear Vice Chairman Jim Vandenberghe said. The job cuts represent about 6% of the Southfield, Mich.-based company’s 110,000 employees.
Lear said it had a fourth-quarter loss of $48.8 million on expenses of $110.2 million for closing factories and cutting jobs.
The parts supplier is cutting back as it expects North American production of cars and light trucks this year to be no more than last year’s 15.5 million vehicles.
Lear shares fell 17 cents to close at $39.99 on the New York Stock Exchange.
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