Manufacturing Industry
LEAR TO SLASH 2,800 JOBS, CLOSE 18 PLANTS.
Plastics News, December, 1998 by STAFF, Joseph Pryweller PLASTICS NEWS
Downshifting from its aggressive growth strategy, Lear Corp. plans to lay off about 2,800 employees, many of them in its plastic interior systems group, and close 18 plants worldwide. Those actions, expected to be completed by the year 2000, will help the Southfield, Mich.-based automotive supplier save about $40 million in costs annually, the company said in a Dec.
7 statement. Most of the planned cutbacks will take place in Europe, where 15 of the 18 targeted plants are located. Two of the planned closings are in North America and one is in South America, the company said. About 1,700 of the layoffs also will occur in Europe, the statement said. The company is cutting about 4 percent of its work force worldwide. The publicly traded company disclosed...
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