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Workers at Lear's Ajax, Ontario, seating plant ratified a new four-year labor contract on Friday, just two days after the company threatened to close the plant.
Lear says it will close a seating plant in Ontario after union members there rejected the latest tentative contract offer by 94 percent on May 1.
Lear workers in Ajax, Ontario, widely rejected a tentative labor deal, prolonging a strike at a facility that supplies seats to a nearby Fiat Chrysler plant.
A tentative labor agreement was reached at a Lear facility in Ajax, Ontario, where a three-day strike caused a production slowdown at a nearby Fiat Chrysler assembly plant.
Unionized workers who make seats at Lear Ajax near Toronto began strike actions over the weekend. The strike has affected production of the Chrysler 300 and Dodge Challenger and Charger in Ontario.
As Lear's new CEO, Ray Scott is focused on fusing the company's traditional seating business with its growing portfolio of electronics technologies.
Lear the seat maker, anticipating connected vehicles, is out to become Lear the smart-seat maker.
Lear named Frank Orsini president of its seating division and Jeneanne Hanley president of the supplier's e-systems division -- Orsini's former position.
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.
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