Lear Corp. Sees Growth Opportunities in Electric Vehicles
SOUTHFIELD, MICH. -- Auto supplier Lear Corp. emerged from Chapter 11 bankruptcy protection in November, and now it has finished the 2009 fiscal year with a slight profit from its core operations.
Southfield-based Lear posted $9.7 billion in sales in 2009, down from $13.6 billion a year earlier. With significant cost cutting and restructuring, the company posted operating earnings of $116 million for year, the company reported in its annual report filed Feb. 5.
Bob Rossiter, chairman, CEO and president, said he is optimistic for small growth in 2010 as well, both in Lear’s traditional seating and in the growing market for its electronics business in the hybrid, plug-in hybrid and all electric vehicle market.
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