Employees at Romulus factory recently told site would close as part of company restructuring.
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May 19, 2008
A Lear Corp. plant in Romulus will close in the next two months -- costing 300 workers their jobs.
Employees at the plant were given notice April 30 that the plant would close, state records show.
The Federal Workers Adjustment and Retaining Notification, or WARN act, requires that companies give workers a 60-day notice of plant closings and mass layoffs affecting at least 50 employees.
The plant closure is the latest in the Southfield-based auto supplier's restructuring program announced in 2005.
Through the end of 2007, Lear had cut about 7,000 employees as part of the restructuring plan. It also closed 19 manufacturing plants and 10 offices or engineering facilities in North America and Europe.
The restructuring program cost Lear about $386 million through last year.
Lear spokeswoman Andrea Puchalsky declined to comment on the Romulus plant closure, saying the company does not provide specifics about restructuring on a regional basis.
Workers at the plant are represented by United Auto Workers Local 174. Representatives there referred calls to the union's headquarters in Detroit. UAW spokesman Roger Kerson did not return calls seeking comment.
For the first quarter of 2008, Lear reported that net income increased 57 percent from the prior year to $78.2 million.
Cost savings "are hitting now but will be ongoing and expanding as we continue to take the tough action we need to fix our foot print," said Lear Chief Financial Officer Matt Simoncini, in a call with analysts last month.
Lear is also aggressively expanding its business in fast growing markets such as China and Vietnam.
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