Lear Corporation (NYSE: LEA) watched its shares plummet first thing Friday, as the global automotive technology leader in Seating and E-Systems, today announced it was recognized as a GM Supplier of the Year during General Motors' 31st annual Supplier of the Year event held earlier this week in San Antonio, Texas.
GM's Supplier of the Year award recognizes global suppliers that distinguish themselves by exceeding GM's requirements, in turn providing customers with innovative technologies and among the highest quality in the automotive industry. This is the 22nd time Lear has won the award.
"It is a great honor to be recognized by one of our longest-standing and valued customers, General Motors," said Ray Scott, Lear President and CEO. "We are proud to be working together with GM towards a better and more sustainable future. I would like to thank the Lear team for its commitment to developing and manufacturing technologies that provide innovative, value-creating products to our customers."
Each year, GM's Supplier of the Year recipients are selected by a global, cross-functional GM team for their performance in criteria such as Product Purchasing, Global Purchasing and Manufacturing Services, Customer Care and Aftersales and Logistics.
LEA shares faded $1.25 to $135.33.
