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Lear Skids on Unit Charge

The stock tumbles 9%.

Lear

(LEA) - Get Lear Corporation Report

tanked Wednesday after saying it will take a fourth-quarter writedown of $372 million on its stuggling automotive interiors unit.

The charge consists of a $342 million goodwill writeoff in the unit reflecting a worsening business outlook, and $30 million toward restructuring, the company said.

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Lear had already written off the unit's value by $670 million in the third quarter due to a drop in demand.

The company shares are trading at $26.38, down by 6.6% or $1.86.

Lear shares lost $2.53, or 9%, to $25.71 Wednesday.

This story was created through a joint venture between TheStreet.com and IRIS.