USA/GLOBAL: Due to the slowdown in auto production, giant autoparts maker Lear Corp. announced on February 1 that to cut costs it will slash 6,500 jobs, or 6 per cent of its workforce, and shut down 21 plant sites worldwide. Sixteen of the facilities to be closed are in North and South America, with most of the job cuts to be completed by the end of this year.
Although a total of 9,500 jobs will be affected by the company restructuring plan, the net reduction in jobs will be 6,500.
The automotive supplier, based in Southfield, Michigan, and specialised in the production of parts such as seats, instrument panels and electronic components, already eliminated 4,800 jobs in 2001.