Lear Signs Agreement for a New and Expanded Asia-Pacific Regional Headquarters and Technology Complex in Shanghai

- Modern Administrative Offices

- World-Class Product and Technology Center

- Industry-leading Product Development Facility

- State-of-the-Art Engineering and Testing Capabilities

- Future Home of Lear Innovation Studio for Asia

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Jun 07, 2016, 09:00 ET

SOUTHFIELD, Mich., June 7, 2016 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, signed an agreement on June 6^th to construct a modern new and expanded Asia-Pacific regional headquarters and technology complex located in the Yangpu District of Shanghai, China. Plans for the new building include expansion of the company's administrative infrastructure, a new product and technology center, industry-leading product development capabilities with state-of the-art engineering and testing equipment and a new Lear innovation studio for Asia. This new multi-story center will include approximately 28,000 square meters and support Lear's continued rapid sales growth and development of new business in China and throughout Asia.

Pictured in front row left to right: Yuanfa Guan, chairman of Science and Technology Innovation Group and Jay Kunkel, Lear president of Asia-Pacific operations. Pictured left to right in second row are: Tan Bin, Yangpu vice deputy mayor, Zhuge Yujie, Yangpu party secretary, Carsten Pfuhl, Lear Asia chief financial officer, and Kevin Burke, Lear vice president of human resources.

Concept rendering of Lear's Future Asia-Pacific Regional Headquarters and Technology Complex in Shanghai

"The Asia-Pacific region is the most strategically important region for the global automotive industry, and Shanghai is a major center for automotive activity. We are very pleased to be opening a regional administrative and technical complex in Shanghai, as China is Lear's fastest growing market, and our business in the Asia-Pacific region is expected to grow rapidly," said Matt Simoncini, Lear's president and chief executive officer. "Over the past three years, Lear's sales in China have grown at an average annual rate of 10%. Our new regional headquarters complex in Shanghai will support industry-leading product development, testing and customer service in one convenient location that includes administrative, engineering, product development, program management, sales and marketing and other technical personnel."

The new Asia headquarters will support approximately 31,000 Lear employees in eleven countries in Asia, including almost 22,000 in China. Lear manufactures products in Asia at 64 locations and has engineering teams at 16 locations throughout the region. In 2015, Lear's Asia consolidated sales grew to $3.2 billion. Lear also supports Asia through 17 unconsolidated joint ventures in the region. 2015 sales in these unconsolidated joint ventures were about $2 billion, bringing Lear's total sales in Asia last year to $5.2 billion.

This modern new facility for Lear's 800 Shanghai employees will showcase the Company's leading products in automotive seating and electrical systems, including Lear's intelligent seat, industry-leading craftsmanship as well as high power products for electrical and hybrid vehicles, industry-leading electrical distribution systems, including complex gateway modules and the latest in vehicle communication and connectivity capabilities.

"We continue to build upon our portfolio of industry-leading seating and electrical systems and related components," added Jay Kunkel, Lear's president of Asia-Pacific Operations. "We are pleased to announce plans for our new regional headquarters and are confident our expanded overall capabilities will continue to serve our existing and future customers at the highest level as we continue to develop new products for Asia as well as globally."

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 136,000 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.

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SOURCE Lear Corporation