American car seat manufacturer Lear plans to sell three of its businesses in Russia in the first half of 2023. The factories have been shut down for almost a year, and if they used to employ 1,000 people, then only 50-60 technical employees are left responsible for maintenance.
The company’s revenue in Russia was previously about $ 100 million a year, this is a small one part of Lear’s overall business operations. The company’s total revenue, expected to be announced next month, will exceed $20 billion by 2022.
It was not until the third quarter of 2022 that the company’s losses in Russia amounted to $19.9 million or 1.37 billion rubles.
It will no longer be possible to sell the plants profitably, his assets have fallen in value recently. According to the top manager, they will complete the transactions in the first half of 2023, potential buyers have already been found, but some legal difficulties have arisen.
Based in suburban Detroit, Lear’s parent company ranks 10th on the list of the world’s 100 largest auto parts suppliers. In 2021, the company’s revenues reached $19.3 billion.
Lear in Russia fitted car seats for a number of car factories and companies, including Volkswagen, Peugeot and Citroën.
A source: Automotive News Europe
A picture: Learn
Vote – win Lada!
Take part in the Behind the Wheel Grand Prix vote and help us choose the best car novelties of the year.
As a thank you for the time spent, we raffle among the participants in the survey three frets. There is a chance for everyone who completes the questionnaire earlier February 28, 2023.
COMPLETE THE 2023 DRIVING GRAND PRIX QUESTIONNAIRE
Source: Z R
Anika Rood is an author at “Social Bites”. She is an automobile enthusiast who writes about the latest developments and news in the automobile industry. With a deep understanding of the latest technologies and a passion for writing, Anika provides insightful and engaging articles that keep her readers informed and up-to-date on the latest happenings in the world of automobiles.