Lear has recorded a third-quarter net income loss of US$27m, while sales fell 13% to US$4.3bn, reflecting worldwide vehicle production falls related to the global semiconductor shortage.

Company highlights:

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all
  • Entered into a definitive agreement to acquire substantially all of Kongsberg Automotive’s Interior Comfort Division
  • Increased revolving credit facility to US$2bn and extended maturity to October, 2026
  • Awarded more than twice as many J D Power 2021 US Seat Quality and Satisfaction StudySM awards as any other seat supplier, with two best in segment awards and seven total awards
  • Signed agreement to establish joint venture with Hu Lane Associate, a manufacturer of automotive connector products
  • Signed agreement to establish joint venture with Shinry Technologies to expand capabilities in on-board chargers for electric vehicles

“Our industry continues to be significantly impacted by COVID-19 and global semiconductor shortages,” said Lear president and CEO, Ray Scott.

“While our sales declined in the quarter as compared to last year, reflecting the challenging production environment, our sales growth outperformed global vehicle production by nine percentage points, resulting from new business wins and our strong market position.

“During these challenging times, we remain focused on supporting our customers and positioning our company to capitalise on opportunities when the industry recovers. Last week, we announced our plan to acquire substantially all of Kongsberg Automotive’s Interior Comfort Division, which will further separate Lear as the seat supplier with the most complete component and sub-system capabilities.

“And in Seating, we won more JD Power Seat Quality awards than any other seating supplier. Our reputation as a leader in operational excellence, along with new technologies providing added priceable features, will drive new business wins and profitable growth in both business segments.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

On 28 October, Lear announced it had entered into a definitive agreement to acquire substantially all of Kongsberg Automotive’s Interior Comfort Division. The acquisition will advance Lear’s vertical integration and expand its product offerings to include specialised thermal comfort seating solutions that improve vehicle performance and packaging.

Through the terms of the deal, Lear will pay EUR175m, on a cash and debt free basis.

The transaction, subject to regulatory approvals and other customary closing conditions and adjustments, is expected to close in the first quarter of 2022.

https://www.lear.com/newsroom/lear-reports-third-quarter-2021-results