Parts maker Lear Corporation (NYSE: LEA) emerged from bankruptcy protection today after shedding $2.8 billion in debt. The company emerges with over $1 billion in cash. The company will be traded on the NYSE under the ticker LEA.
The company emerges with a healthy backlog of sales orders, about $1.4 billion by 2012. They say over half of their new business comes from outside North America. Lear makes seats, door panels and electrical components for cars. Lear generated $2.55 billion in Q3 sales this year.
This is terrific news both for Lear and the industry and we start to get the “great recession” behind us.
Good to see at least one major company utilizing efficient financial principle to get out of debt and not need government intervention or assistance.