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Description of Lear Corporation
Lear Corporation (NYSE: LEA), headquartered in Southfield, Michigan, USA is a Fortune 500 company, engaged in the business of manufacturing and distribution of automotive interiors systems. In the year 2006, the company has 242 manufacturing facilities in 33 countries across the globe, manned by 90,000 employees, and recorded an aggregate global sales of US$ $17.8 billion in 2006. On July 2, 2009 Bloomberg News reported that Lear Corp. plans to file for Chapter 11 bankruptcy after reaching an agreement with representatives of secured lenders and bondholders. Lear grew during the 1980s and 1990s through a series of acquisitions. The company sought to become a supplier of complete interior automotive systems, that is, a supplier of seating, electrical, flooring, interior trim, instrument panels, etc., to OEM auto companies.
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