SOUTHFIELD, Mich. (AP) -- Lear Corp. on Wednesday announced cost-cutting measures, including an unspecified number of layoffs, aimed at saving the auto supplier $150 million over the next 12 months.
The company said it will reduce program development costs to conform with a significantly lower production outlook, accelerate low-cost engineering and sourcing initiatives and consolidate its supply base, among other actions.
Permanent and temporary layoffs and "additional thrifting of personnel-related costs" are also among the plans, the company said in a statement.
Mel Stephens, a company spokesman, declined to say how many workers would be laid off.
Last month, Lear said it would lay off nearly half the 245 workers at its plant in Hammond, Ind. In early 2006, the company laid off more than 100 workers at a Virginia plant because of declining demand for sport utility vehicles.
"We have been very aggressive in reducing our costs as industry production has declined, and we intend to remain well ahead of the curve," Bob Rossiter, Lear's chairman, chief executive and president, said in a statement. "I fully expect the company to overcome the present challenges as an even more formidable competitor."
Lear said it would provide more details when it reports third-quarter earnings Oct. 30.
Shares of Lear fell 3 cents to $4.16 in morning trading.