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Lear posts big quarterly loss

Continuing a common theme in the auto industry, parts manufacturer Lear posted a huge quarterly loss and demonstrated that it's not just certain automakers that are feeling the pain right now.

Lear reported a loss of $596M on sales of $4.4B. Approximately $350M of this was a one-time expense related to the sale of Lear's interior business to Wilbur Ross, who is trying to create his own auto-parts empire. This brings Lear's full-year losses to approximately $1B on sales of about $17B.

The company continues to fight for prices increases from customers such as DaimlerChrysler, who took Lear to court last year over Lear's threat to stop parts shipments unless price increases were granted.

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