SOUTHFIELD, Mich., July 6 /PRNewswire-FirstCall/ -- Lear Corporation
(NYSE: LEA) today announced that it has completed the acquisition of GHW Grote
& Hartmann GmbH, a manufacturer of electrical components based in Wuppertal,
(Logo: http://www.newscom.com/cgi-bin/prnh/20021202/LEARLOGO )
The acquisition supports Lear's strategy to grow its electronics and
electrical distribution systems business and further diversify its sales.
Grote & Hartmann manufactures terminals and connectors, junction boxes and
machinery to produce wire harnesses, primarily for the automotive industry.
The company had 2003 sales of euro 225 million ($275 million), with 75% in
Europe, 15% in North America and 10% in the rest of the world.
Lear Corporation, a Fortune 500 company headquartered in Southfield,
Mich., USA, focuses on integrating complete automotive interiors, including
seat systems, interior trim and electrical systems. With annual net sales of
$15.75 billion in 2003, Lear is the world's largest automotive interior
systems supplier. The company's world-class products are designed, engineered
and manufactured by more than 110,000 employees. At year end, Lear had 289
facilities located in 34 countries. Further information about Lear and its
products is available on the Internet at http://www.lear.com .
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, including statements
regarding the anticipated benefits of the acquisition described in this
release. Actual events or results may differ materially from anticipated
events or results as a result of certain risks and uncertainties, including,
but not limited to, Lear's ability to successfully integrate Grote &
Hartmann's operations, general economic and industry conditions and other
risks detailed from time to time in Lear's Securities and Exchange Commission
filings. These forward-looking statements are made as of the date hereof, and
Lear does not assume any obligation to update them.
SOURCE Lear Corporation