Lear Reports Impact of GM Work Stoppages
30 June 1998
Lear Reports Impact of GM Work StoppagesSOUTHFIELD, Mich., June 30 -- Lear Corporation today reported that its second quarter 1998 earnings per share will be adversely affected due to the impact of work stoppages at General Motors plants. Earnings per share for the quarter ending June 27, 1998, have been adversely affected by approximately $.14 per share due to these work stoppages. Additionally, until they are settled, these work stoppages will have a continuing adverse effect upon the Company. A Fortune 500 Company, Lear Corporation is one of the world's largest automotive suppliers, with 1997 sales of over $7.3 billion. The Company's world class products are designed, engineered and manufactured by more than 54,000 employees in over 190 facilities located in 27 countries. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results as a result of certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Lear operates, fluctuations in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant customers, risks associated with conducting business in foreign countries and other risks detailed from time to time in the Company's Securities and Exchange Commission filings.