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