SOUTHFIELD, Mich., June 7, 2016 /PRNewswire/ -- Lear Corporation
(NYSE: LEA), a leading global supplier of automotive seating and
electrical systems, signed an agreement on June 6th to construct a modern new and
expanded Asia-Pacific regional
headquarters and technology complex located in the Yangpu District
of Shanghai, China. Plans
for the new building include expansion of the company's
administrative infrastructure, a new product and technology center,
industry-leading product development capabilities with state-of
the-art engineering and testing equipment and a new Lear innovation
studio for Asia. This new multi-story center will include
approximately 28,000 square meters and support Lear's continued
rapid sales growth and development of new business in China and throughout Asia.
"The Asia-Pacific region is the
most strategically important region for the global automotive
industry, and Shanghai is a major
center for automotive activity. We are very pleased to be
opening a regional administrative and technical complex in
Shanghai, as China is Lear's fastest growing market, and
our business in the Asia-Pacific
region is expected to grow rapidly," said Matt Simoncini, Lear's president and chief
executive officer. "Over the past three years, Lear's sales
in China have grown at an average
annual rate of 10%. Our new regional headquarters complex in
Shanghai will support
industry-leading product development, testing and customer service
in one convenient location that includes administrative,
engineering, product development, program management, sales and
marketing and other technical personnel."
The new Asia headquarters will
support approximately 31,000 Lear employees in eleven countries in
Asia, including almost 22,000 in
China. Lear manufactures products in Asia at 64 locations and has engineering teams
at 16 locations throughout the region. In 2015, Lear's
Asia consolidated sales grew to
$3.2 billion. Lear also
supports Asia through 17
unconsolidated joint ventures in the region. 2015 sales in
these unconsolidated joint ventures were about $2 billion, bringing Lear's total sales in
Asia last year to $5.2 billion.
This modern new facility for Lear's 800 Shanghai employees will
showcase the Company's leading products in automotive seating and
electrical systems, including Lear's intelligent seat,
industry-leading craftsmanship as well as high power products for
electrical and hybrid vehicles, industry-leading electrical
distribution systems, including complex gateway modules and the
latest in vehicle communication and connectivity capabilities.
"We continue to build upon our portfolio of industry-leading
seating and electrical systems and related components," added
Jay Kunkel, Lear's president of
Asia-Pacific Operations. "We are pleased to announce plans
for our new regional headquarters and are confident our expanded
overall capabilities will continue to serve our existing and future
customers at the highest level as we continue to develop new
products for Asia as well as
globally."
Lear Corporation (NYSE: LEA) is one of the world's leading
suppliers of automotive seating and electrical distribution
systems. Lear serves every major automaker in the world, and Lear
content can be found on more than 350 vehicle nameplates.
Lear's world-class products are designed, engineered and
manufactured by a diverse team of approximately 136,000 employees
located in 36 countries. Lear currently ranks #154 on the
Fortune 500. Lear's headquarters are in Southfield, Michigan. Further
information about Lear is available at http://www.lear.com or
follow us on Twitter @LearCorporation.
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SOURCE Lear Corporation