SOUTHFIELD, Mich., May 8, 2017 /PRNewswire/ -- Lear Corporation
(NYSE: LEA), a leading global supplier of automotive Seating and
Electrical systems, recently hosted a groundbreaking ceremony for
its future Asia headquarters and
technical center located in the Yangpu District of Shanghai, China. Construction of the
building started in February 2017.
The expansion of Lear's Asia-Pacific administrative infrastructure,
engineering capability and product innovation resources in a
central Shanghai location will
allow the Company to continue to develop new products and grow its
sales in China and throughout
Asia.
"The Asia-Pacific region
continues to be the largest and fastest growing region of the
world. We are very pleased to be building a new regional
administrative and technical center in Shanghai, as China is Lear's fastest growing market, and
our business in the Asia-Pacific
region is expected to continue to grow rapidly," said Matt Simoncini, Lear's president and chief
executive officer. "Over the past three years, Lear's total
sales in China have grown at an
average annual rate of 8%."
The new Asia headquarters will
support over 39,000 Lear employees in 11 countries in Asia, including more than 27,000 in
China. Lear manufactures products in Asia at 67 locations and has engineering teams
at 16 locations throughout the region. In 2016, Lear's
consolidated sales in Asia grew to
$3.4 billion. Lear also
supports Asia through 9
unconsolidated joint ventures in the region. Sales in these
unconsolidated joint ventures were $2.0
billion last year, bringing Lear's total sales in
Asia last year to $5.4 billion.
"We have an excellent record of sales growth and financial
success in Asia. The investments we are making in a new
headquarters building and Technical Center reflect our confidence
in future growth and success in this region of the world," added
Jay Kunkel, Lear's president of
Asia-Pacific Operations.
Lear Corporation (NYSE: LEA) was founded in Detroit in 1917 as American Metal
Products. In 2017, the Company will celebrate its 100th year
anniversary. Lear is one of the world's leading suppliers of
automotive seating systems and electrical distribution systems
(E-Systems). Lear serves every major automaker in the world,
and Lear content can be found on more than 400 vehicle
nameplates. Lear's world-class products are designed,
engineered and manufactured by a diverse team of approximately
150,000 employees located in 37 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