Southfield, Michigan - Seating systems supplier Lear Corp. announced 12 Dec that it would withdraw its full-year 2008 financial guidance, as a result of "further weakness in global automotive demand and overall industry uncertainty."
"The weakness we are seeing in global automotive production, as well as the very fluid industry environment is unprecedented. In response, we have
been aggressively attacking our cost structure and pro-actively managing our liquidity position," said Bob Rossiter, Lear's chairman, chief executive
officer and president, in the statement.
Lear intends to hold a conference call to review the company's fourth-quarter and full-year 2008 financial results and related matters on 29 Jan 2009.
Lear announced 15 Oct that it had targeted $150 million worth of improvements designed to cut expenses because of the slowing auto market. At the time, executives said they still expect Lear to turn a profit this year, and expected the industry to recover in 2010 in North America and western Europe.
As well as automotive seating, Lear is a leading supplier of electrical distribution systems and electronics products. The Southfield, Michigan-headquartered group employs 91 000 people at 215 facilities in 35 countries.