SOUTHFIELD, MI-According to Lear Corp., the company's net sales are down by about $300 million over the past year because of cutbacks on the part of its major automotive customers.
In response, to this reduced demand from North America's Big Three domestic automakers, the company says it is continuing to "aggressively implement cost reduction and restructuring actions."
"We know our customers and our shareholders expect us to operate as efficiently as we can, and we are proactively looking at every aspect of our business for further improvement," says Lear CEO, Bob Rossiter. "While we remain positive about the longer-term outlook, we are taking additional steps now to ensure that we remain financially strong and even more competitive in the long run."
Lear, which specializes in automotive interiors, seats and other components, recorded net sales of $17.1 billion in 2005 and employs some 115,000 employees at 282 locations in 34 countries.