SOUTHFIELD, Mich., May 4 /PRNewswire/ -- Lear Corporation (NYSE: LEA)
today announced that it has completed the acquisition of United Technologies
Automotive, the former subsidiary of United Technologies Corporation, for $2.3
billion. UT Automotive has 46,000 employees operating from 145 locations and
had 1998 revenues of $3.0 billion.
"UT Automotive is a great strategic fit for Lear -- it enhances our
instrument panel, headliner and door panel capabilities in North America, and
positions Lear as the third largest supplier in the $20 billion global
automotive electrical distribution systems market," said Ken Way, Lear
Chairman and Chief Executive Officer. "Not only will the acquisition expand
our market opportunities, but it is accretive right out of the box and we
expect it to create excellent financial returns on a long-term basis.
"It also positions Lear as the ultimate automotive interior integrator,"
Way added. "Lear now has the unique capability to provide all interior
modules and link them through an electrical and electronic 'neural network.'"
Lear Corporation, a Fortune 200 company headquartered in Southfield,
Michigan, is the world's largest supplier of automotive interiors, with 1998
proforma sales of $13 billion. The company's world-class products are
designed, engineered and manufactured by more than 100,000 employees in over
300 facilities located in 33 countries. Information about Lear and its
products is available on the Internet at http://www.lear.com.
This Lear Corporation news release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from the anticipated results due to
certain risks and uncertainties, including but not limited to general economic
conditions in the markets in which Lear operates, fluctuations in the
production of vehicles for which the Company is a supplier, labor disputes
involving the Company or its significant customers, risks associated with
conducting business in foreign countries and other risks detailed from time to
time in the Company's Securities and Exchange Commission filings.
SOURCE Lear Corporation