Hot off the Press

Automotive-parts maker Lear Corp., Southfield, MI, announced last week that it would cut 6500 jobs, some six percent of its workforce, and close 21 sites worldwide. Of the sites scheduled for shuttering, 16 are in North and South America and will affect 9500 jobs (Lear expects to create 3000 new jobs this year, for a net reduction of 6500). Lear, which builds seats, interiors and electrical components, had previously reported a 32-percent drop in fourth-quarter 2001 profits.