SOUTHFIELD, Mich., Aug. 23, 2016 /PRNewswire/ -- Lear Corporation
[NYSE: LEA], a leading global supplier of automotive seating and
electrical systems and the world's largest provider of premium
automotive leather, recently announced that it has signed an
investment agreement with the Administrative Commission of Yangzhou
Economic & Technological Development Zone to construct a
state-of-the art premium leather processing plant in Yangzhou,
China.
"With 81 locations across Asia
including 47 in China, Lear's
Asia-Pacific Operations continue to grow due to the efforts of more
than 20,000 employees who deliver excellence in design and finished
products to the automotive industry. Over the past three
years, Lear's total sales in China
have grown at an average annual rate of 17%," said Jay Kunkel,
senior vice president and president, Asia-Pacific Operations.
"We would like to thank the Yangzhou Economic & Technological
Development Zone for their support, as well as our employees for
their continuing dedication to making Lear the world's leading
supplier of premium automotive leather."
The new plant, comprised of a 32,000 square meter facility on
56,700 square meters of land, will support Lear's rapid sales
growth and new business development in China. The plant will
have approximately 300 employees in 2018 and expand to
approximately 700 employees when running at its designed capacity
with 28,000 square meters of adjacent land reserved for future
expansion.
"As the most vertically integrated automotive seating supplier
in the world, Lear is pleased to build upon its global capabilities
and expand its significant presence in China to better serve our customers in the
region," said Ray Scott, executive
vice president and president, Seating. "Our Eagle Ottawa
premium leather team is integral to providing our customers with
highly crafted surface materials and complete seating systems."
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
140,000 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.
Eagle Ottawa, which was
acquired by Lear in 2015, has a longstanding heritage of blending
traditional craftsmanship and innovative technology. Eagle
Ottawa designs, engineers and
manufactures genuine premium leather solutions for all automotive
interior applications and vehicle market segments. Eagle
Ottawa's leather capabilities
include design, research and development, product validation and
manufacturing (finishing, cutting and sewing).
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SOURCE Lear Corporation