Automotive supplier Lear has announced that it will cut both white-collar and blue-collar jobs (7,700 total), and move some work overseas. Missing are specific details on where the cuts and moves may occur. I'm not quite sure what they hoped to accomplish through this announcement, but a cynic might say that this is an attempt to prop up their stock price in advance of next month's release of their second-quarter financials. Lear expects to spend $250 million on this restructuring, with about half of this to be spent moving the production of some products into low-labor-cost markets such as China, India, and Eastern Europe.
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