Lear Signs Investment Agreement for a New Leather Plant in Yangzhou
A State-of-the-Art Leather Finishing & Cutting Facility
Aug 23, 2016, 06:00 ET
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