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Lear reported strong quarterly profit of $401 million, led by higher sales in Europe and Africa and the acquisition of Grupo Antolin's seating business. Revenue rose 16 percent.
CEO Matt Simoncini is leaving Lear in a healthy position -- flush with money to make acquisition deals if necessary, but for the moment, not needing to.
Lear said it agreed to acquire EXO Technologies, a GPS technology firm based in Israel, to boost its connected vehicle systems. Terms were not disclosed.
Lear CEO Matt Simoncini is stepping down, effective Feb. 28, ending a six-year run in the company's top job. Ray Scott, president of the supplier's seating unit, will replace Simoncini.
Tesla, which decided to bring seat production in-house, has demonstrated a commitment to vertical integration not seen in the auto industry for decades.
Seating and electronics supplier Lear reported a 38 percent uptick in third-quarter net income to $295 million as sales hit record levels following a key acquisition.
Lear plans to launch vehicle connectivity technology in Audi vehicles in the fourth quarter of 2018.
Lear has received a grant from the state of Michigan's development arm to build a $30 million plant at the old Buick City complex in Flint, Mich.
Silicon Valley and Detroit need each other -- for data and for image enhancement, Lear CEO Matt Simoncini says.
Lear posted a 10 percent increase in profit for the second quarter from growth in seating revenue and higher margins. The supplier reported net income of $311.9 million.
Matt Simoncini shouted above the noisy crowd at a fundraiser he was sponsoring last week for the Motown Museum in Detroit. "Delphi! Delphi! Anybody here from Delphi!"
Lear's plant in Whitby, Ont., once slated for closure, will assemble seats for General Motors' Oshawa assembly plant under a newly ratified labor agreement.
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