Lear To Lay Off 300

POSTED: 3:59 pm EST March 10, 2007

UPDATED: 8:06 am EDT March 12, 2007

SOUTHFIELD, Mich. -- Auto parts supplier Lear Corp. plans to close an armrest and headrest plant in the city that employs about 300 hourly workers.A closing date wasn't announced, the Detroit Free Press reported Saturday.Lear spokesman Mel Stephens said closing the Detroit plant is part of a $300 million restructuring that began in mid-1995. Stephens said the company must close plants to be competitive.Southfield-based Lear announced last month that it has agreed to a buyout offer by a group affiliated with billionaire investor activist Carl Icahn for about $2.8 billion, but left the door open for a better offer.The planned buyout has been challenged by some shareholders.