{"id":12878,"date":"2021-11-03T10:10:12","date_gmt":"2021-11-03T14:10:12","guid":{"rendered":"https:\/\/autosector.com\/auto\/?p=12878"},"modified":"2021-11-03T10:10:12","modified_gmt":"2021-11-03T14:10:12","slug":"lear-posts-q3-net-income-loss-of-us27m","status":"publish","type":"post","link":"http:\/\/autosector.com\/?p=12878","title":{"rendered":"Lear posts Q3 net income loss of US$27m &#8211; Just Auto"},"content":{"rendered":"<p>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.\n<\/p>\n<p><strong>Company highlights:<\/strong>\n<\/p>\n<ul>\n<li>Entered into a definitive agreement to acquire substantially all of Kongsberg Automotive\u2019s Interior Comfort Division<\/li>\n<li>Increased revolving credit facility to US$2bn and extended maturity to October, 2026<\/li>\n<li>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<\/li>\n<li>Signed agreement to establish joint venture with Hu Lane Associate, a manufacturer of automotive connector products<\/li>\n<li>Signed agreement to establish joint venture with Shinry Technologies to expand capabilities in on-board chargers for electric vehicles<\/li>\n<\/ul>\n<p>\u201cOur industry continues to be significantly impacted by COVID-19 and global semiconductor shortages,\u201d said Lear president and CEO, Ray Scott.<\/p>\n<p>\u201cWhile 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.\n<\/p>\n<p>\u201cDuring 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\u2019s Interior Comfort Division, which will further separate Lear as the seat supplier with the most complete component and sub-system capabilities.<\/p>\n<p>\u201cAnd 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.\u201d\n<\/p>\n<p>On 28 October, Lear announced it had entered into a definitive agreement to acquire substantially all of Kongsberg Automotive\u2019s Interior Comfort Division. The acquisition will advance Lear\u2019s vertical integration and expand its product offerings to include specialised thermal comfort seating solutions that improve vehicle performance and packaging.\n<\/p>\n<p>Through the terms of the deal, Lear will pay EUR175m, on a cash and debt free basis.\n<\/p>\n<p>The transaction, subject to regulatory approvals and other customary closing conditions and adjustments, is expected to close in the first quarter of 2022.                    <!-- \n\n<div id=\"resultnew_secondary\"> --><\/p>\n<p>\t\t\t\t\t\t\t<!-- \/14453196\/Verdict\/Verdict_In_Article --><\/p>\n<p><!-- \/14453196\/Verdict\/Verdict-In-Article-Mobile --> <\/p>\n<p>\t\t\t\t\t\t <!--\n\n<aside class=\"c-in-post-report new-tmt u-mb-5 u-px-0 u-py-0\">\n                       \n\n<article class=\"c-in-post-report__article\">\n                        \n\n<div class=\"c-in-post-report__wrapper u-border-0 u-px-0 u-py-0\">\n\t\t\t\t\t\t  \n\n<figure class=\"c-post-figure c-post-figure--4-3 c-post-figure--vertical c-post-figure--vertical tmt-img hide-for-small-only\">\n                            <a href=\"https:\/\/hot-topics.globaldata.com\/reports\/tech-media-and-telecom-themes-2021-thematic-research\/\" class=\"c-post-figure__link c-post-figure__image-container\" target=\"_blank\" rel=\"noopener\">\n                              <img decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAP\/\/\/wAAACH5BAEAAAAALAAAAAABAAEAAAICRAEAOw==\" data-src=\"\/wp-content\/themes\/goodlife-wp-B2B\/assets\/img\/tmt-banner.png\" alt=\"Covid-19 chart\" class=\"c-post-figure__image lazyload\" \/>\n                            <\/a>\n                          <\/figure>\n\n \n\t\t\t\t\t\t  \n\n<div class=\"c-in-post-report__content u-pt-5\">\n                           \n\n<h6>Thematic Reports<\/h6>\n\n\n                            \n\n<h5 class=\"u-mt-0\">Are you worried about the pace of innovation in your industry?<\/h5>\n\n\n                            \n\n<p class=\"c-in-post-report__tagline u-mb-4 u-mt-2\">GlobalData's TMT Themes 2021 Report tells you everything you need to know about disruptive tech themes and which companies are best placed to help you digitally transform your business.<\/p>\n\n\n\n                            <a href=\"https:\/\/hot-topics.globaldata.com\/reports\/tech-media-and-telecom-themes-2021-thematic-research\/\" class=\"button primary  u-pt-3 u-py-3\" target=\"_blank\" rel=\"noopener\">Find out more<\/a>\n                          <\/div>\n\n\n                        <\/div>\n\n\n                      <\/article>\n\n\n                    <\/aside>\n\n\n                    <\/div>\n\n  -->                <\/p>\n<p><em>https:\/\/www.lear.com\/newsroom\/lear-reports-third-quarter-2021-results<\/em>\n<\/p>\n<p>       <!--\n\n<aside class=\"c-in-post-companies preview-lat-2019\" style=\"display:none;\"> --><\/p>\n<aside class=\"c-in-post-companies preview-lat-2019\">\n<h4 class=\"c-in-post-report__title u-border-top 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src=\"https:\/\/www.just-auto.com\/wp-content\/uploads\/sites\/37\/2021\/07\/GD_purple-1024x203.png\"\/>                                                            <\/p>\n<\/figure>\n<\/article><\/div>\n<\/div>\n<div class=\"company-hover-tracking company-hover-data\" id=\"company107351\" data-url=\"https:\/\/www.just-auto.com\/contractors\/data\/globaldata-automotive\/\">\n<div class=\"activator\">\n<article class=\"c-in-post-post__article\" readability=\"20.51376146789\">\n<div class=\"c-post-content fxl-figbtt\" readability=\"28.631578947368\">\n            <a href=\"https:\/\/www.just-auto.com\/contractors\/data\/globaldata-automotive\/\"><\/p>\n<h3 class=\"c-post-content__title\">\n                        GlobalData<\/h3>\n<p><\/a><\/p>\n<p class=\"c-post-content__excerpt\">\n                                GlobalData can provide actionable insights to drive your company forward            <\/p>\n<p>\n                    <span class=\"c-post-content__publish-date\">28 Aug 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your company forward            <\/p>\n<p>\n                    <span class=\"c-post-content__publish-date\">28 Aug 2020<\/span>\n                <\/p>\n<\/p><\/div>\n<figure class=\"fxl-figbl\">\n                        <img decoding=\"async\" src=\"https:\/\/www.just-auto.com\/wp-content\/uploads\/sites\/37\/2021\/06\/GD_purple-300x59-1.png\"\/>                                                            <\/p>\n<\/figure>\n<\/article><\/div>\n<\/div>\n<\/aside>\n","protected":false},"excerpt":{"rendered":"<p>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: Entered into a definitive agreement to acquire substantially all of Kongsberg Automotive\u2019s Interior Comfort Division Increased revolving credit facility to US$2bn and extended maturity to October, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8313,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[5],"tags":[],"class_list":["post-12878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-manufacturing"],"_links":{"self":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/12878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12878"}],"version-history":[{"count":0,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/posts\/12878\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=\/wp\/v2\/media\/8313"}],"wp:attachment":[{"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12878"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/autosector.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}