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Fashion World Exerting Influence over Auto Interiors

Lear shows off latest designs, innovations with fashion show.

by on Oct.25, 2013

Lear's TeXstyle Enhance was featured in a fashion show in Detroit showcasing what the company's designers can do with leather and other fabrics.

The world of fashion is reaching deeper into vehicles where every piece of the car of truck’s interior has to be used to raise its profile and make it more appealing to customers.

“We’re seeing manufacturers think increasingly of using the interior of the vehicle as way to differentiate their products,” said Mandy Sarotte, Lear Corp. vice president of global trim operations for seating, who is also in charge of the company’s growing team of designers.

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Sarotte added demand for more distinctive interiors and more durable seat covers is evident in all kinds of passenger cars from subcompact to more expensive luxury vehicles. Customers in every segment are looking for something distinctive, she said. (more…)

Another Domino Falls: Lear Goes Chapter 11

Once high-flyer, mega-supplier expected to survive.

by on Jul.07, 2009

Unseated.  Lear Corp. is the latest in a growing list of automotive suppliers to throw itself on the mercy of the courts. But it could wrap up its Chapter 11 process within 60 days.

Unseated. Lear Corp. is the latest in a growing list of automotive suppliers to throw itself on the mercy of the courts. But it could wrap up its Chapter 11 process within 60 days.

Once one of the highest-flying of automotive suppliers, Lear Corp. has filed for Chapter 11 bankruptcy protection, but after receiving support from lenders, bondholders and customers, it is expected to make a relatively quick passage through the courts.

Best known for its seating systems, Lear is the latest domino to fall among automotive suppliers, many of them among the world’s largest.  In May, Ford Motor Co.’s one-time in-house parts supplier, Visteon, filed for Chapter 11, and industry analysts expect still more parts manufacturer to file as they try to dig out from the burden of years of mounting debt at a time when the U.S. auto market has plunged to its lowest level in decades.

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Lear’s bankruptcy was anything but a surprise, as TheDetroitBureau.com recently reported.  But it still shakes a creaky system that some observers fear could collapse at any time.

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Lear Expecting to File Chapter 11

Seat maker expects to pay off majority of debts, protect customers and suppliers.

by on Jul.02, 2009

Lear Corp. is getting ready to join a long list of major auto parts manufacturers seeking Chapter 11 protection.

Lear Corporation is getting ready to join a long list of major auto parts manufacturers in Chapter 11.

Mega-supplier Lear Corp., best known for its seating business, is expected to become the latest in a long and growing line-up of automotive parts manufacturers to file for bankruptcy protection.

A major supplier to General Motors Corp., itself undergoing a Chapter 11 reorganization, Lear Chairman and Chief Executive Office Bob Rossiter confirms the company has lined up funding and has negotiated an agreement in principle with its secured lenders and bondholders that would allow it to restructure its debt.

The big suppler of automotive of seating systems, electrical distribution systems and electronic products believes it has put together a plan to move through an expedited bankruptcy process that would ensure the company’s ability to survive as an ongoing enterprise.

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“We want to assure everyone – customers, suppliers, employees, and the communities of which we are a part – that Lear is committed to positioning our business for sustainable success,” Rossiter said after reaching a deal with a major block of creditors.

Rossiter said despite its financial troubles, Lear has a low-cost footprint, a diverse customer base, a solid backlog of new business and a strong cash position. It will also emerge from bankruptcy with a smaller debt load and plans to pay all trade creditors in full.

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