Lear Donnelly Joint Venture Realizes Quick Growth
22 January 1998
Lear Donnelly Joint Venture Realizes Quick Growth
DETROIT, Jan. 22 -- One of the newest automotive interior
systems suppliers on the block has become one of the fastest growing. Since
its formation last November, Lear Donnelly Overhead Systems, L.L.C. has won
new business commitments that will total approximately $156 million over the
next five years.
As part of the new business, Lear Donnelly has received orders for a total
overhead system and a number of other overhead components for three new
vehicles from three automotive customers. In addition, Lear Donnelly has won
one of the largest worldwide visor programs, which will involve manufacturing
the visors in three countries.
Along with the new programs, Lear Donnelly has existing commitments from
most of the world's automakers to supply visors, headliners, overhead
consoles, lighting products, mirrors and grab handles.
"In just the few short months Lear Donnelly has been in existence, the
company has seen remarkable growth in the interior systems market," said
Richard Perrault, president and chief executive officer of Lear Donnelly.
"Lear Donnelly's superior technology and global just-in-time distribution
capabilities give automakers an exciting new supplier for headliner systems,
overhead consoles and overhead system components. And as customers become
better acquainted with Lear Donnelly, we are confident they will look more and
more to our company to meet their increasing needs for innovative, complex and
cost-effective overhead systems."
During January, Lear Donnelly is launching its first new programs from its
facilities in Marlette and Holland, Michigan. The programs include one for
headliners and three for visors. Launches of additional new products at Lear
Donnelly's other manufacturing facilities are scheduled for later this year.
Lear Donnelly Overhead Systems, L.L.C. is a 50-50 joint venture between
Southfield, Mich.-based Lear Corporation and Holland, Mich.-based Donnelly
Corporation. A supplier to nearly every automaker worldwide, Lear Donnelly
designs, develops, markets and manufactures overhead systems, headliners,
overhead consoles and lighting components, vehicle electrification interfaces,
electronic components and assist handles. The company currently has
manufacturing facilities in the United States, Ireland, the United Kingdom and
the Czech Republic.
A Fortune 500 company, Lear Corporation is one of the world's
largest automotive interior suppliers, with 1996 sales of over $6.2 billion.
The company's world-class products are designed, engineered and manufactured
by more than 50,000 employees in over 170 facilities located in 24 countries.
Information about Lear and its products is available on the Internet at
http://www.lear.com.
Donnelly Corporation is an international automotive supplier,
dedicated to serving customers around the globe with industry-leading
components and systems in automotive mirrors, windows, and interior lighting
and trim. The company has been based in Holland, Michigan since 1905, and
today has approximately 5,000 employees operating in 11 countries worldwide.
Donnelly is recognized as a leader in the application of participative
management and has been named to Fortune magazine's list of the "100 Best
Companies to Work for in America."
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that any forward-looking statements, including statements regarding
intent, belief or current expectations of the Company or its management, are
not guarantees of future performance and involve risk and uncertainties, and
that actual results may differ materially from those in forward-looking
statements as a result of various factors including, but not limited to (a)
general economic and currency conditions in the markets in which the Company
operates; (b) fluctuation in worldwide or regional automobile and light truck
production; (c) changes in practices and/or policies of the Company's
significant customers and competitors; and (d) other risks and uncertainties.
SOURCE Lear Donnelly Overhead Systems, L.L.C.