Lear Corp. is eliminating 6,500 jobs, nearly 6% of its workforce, and closing 21 facilities around the world, 16 of which are in North and South America. Lear blames slowing automotive demand for the reductions, which began in December. Lear earned $26.3 million in 2001 and had an adjusted operating income of $679.9 million, down $245.4 million from 2000. The Budd Co. says loss of sheet molding composite (SMC) business is forcing it to idle operations at its Kendallville, IN, plant. The ...
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