Auto supplier Lear Corp. saw its sales climb 9 percent in 2014 and with a forecast for higher production in both North America and China in 2015, may be looking at even higher numbers this year.
Overall, the Southfield, Mich.-based maker of seats and electronics posted $17.7 billion in global sales for 2014, it said in a Jan. 30 financial report.
During the final quarter, its sales were up 10 percent to $3.5 billion compared to 2013.
For the whole of 2014, Lear said that in its seating segment, net sales were up 11 percent to $13.3 billion, reflecting primarily higher production on key platforms and the addition of new business.
Its business saw total global production increase 3 percent for 2014, with 7 percent growth in China and up by 4 percent in North America. Production in Europe and Africa was up 3 percent, with numbers dropping in South America by 17 percent.
For 2015, the company expects the auto industry will continue its growth in both China and North America, with an 8 percent increase in China to 22.9 million vehicles and 3 percent in North America to 17.4 million cars and trucks with Europe and Africa is again expected to remain flat. It did not forecast production for South America.