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Lear Reports Impact of Currency Exchange Rates and Production Cuts
Southfield, Mich., USA (ots-PRNewswire) - Lear Corporation (NYSE: LEA) today reported that the further weakening of the euro and a stronger than anticipated Mexican peso, as well as the previously announced Ford Explorer and Ranger production cuts, will have an adverse impact on the company's earnings.
These items are expected to reduce earnings by approximately $0.18 per share in the second half of 2000. Lear believes that there is limited potential for more favorable exchange rates and recovery of lost units before year-end.
Lear Corporation, a Fortune 150 company headquartered in Southfield, Mich., USA, focuses on automotive interiors and electronics and is the world's fifth-largest automotive supplier. Sales in 1999 were $12.4 billion. The company's world-class products are designed, engineered and manufactured by more than 120,000 employees in over 300 facilities located in 33 countries. Information about Lear and its products is available on the Internet at www.lear.com .
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.
ots Original Text Service: Lear Corporation Internet: http://recherche.newsaktuell.de
Contact: Derek Fiebig, Director - Investor Relations, (USA) 248-447-1624, or Andrea Puchalsky, Director - Corporate Communications, (USA) 248-447-1651, both of Lear Corporation
Company News On-Call: http://www.prnewswire.com/comp/518304.html or fax, (USA) 800-758-5804, ext. 518304
Web site: http://www.lear.comOriginal-Content von: Lear Corporation, übermittelt durch news aktuell