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Lear Corporation Signs Definitive Agreements To Acquire Two Italian Interior Suppliers

9 April 1998

Lear Corporation Signs Definitive Agreements To Acquire Two Italian Interior Suppliers

    SOUTHFIELD, Mich., April 9 -- Lear Corporation
has signed definitive agreements to acquire two privately held Italian
interior component suppliers -- Gruppo Pianfei S.r.L and Strapazzini Resine
S.r.L. with headquarters in Pianfei and Pesaro, Italy, respectively.
    The transactions are expected to be completed by the end of May, 1998.
    "These two acquisitions will increase Lear's position in Europe and other
parts of the world," said Ken Way, Lear Corporation's chairman and chief
executive officer.  "The addition of more door panels, instrument panels,
headliners and other interior components will add new business, interior
development capabilities and the ability to continue our global growth."
    Pianfei, controlled by the Fulcheri family, has been in business since
1880.  Its 870 employees, located at six facilities throughout Italy, produce
door panels, headliners and plastic interior components for the Fiat Group,
BMW, Chrysler, Pininfarina and Mercedes.  The Fiat Group is its major
customer.
    Pianfei is the 10th largest independent supplier of door panels in Europe
and the fifth largest supplier of headliners.  Pianfei also has minority
interests in seven other companies doing business in Germany, Spain, Italy,
Brazil, India, Argentina, South Africa and Turkey.
    Strapazzini Resine, owned by Victorio Strapazzini, has 200 employees in
two Italian locations, producing instrument panels, door panels, sunshades,
consoles and pillar trim primarily to the Fiat Group and Pininfarina and
indirectly supplies Ford and Chrysler.  Lear also will acquire Strapazzini's
Protos S.r.L engineering division.  Strapazzini also holds minority interests
in two other companies doing business in Argentina and Brazil.
    Combined sales revenues for Pianfei and Strapazzini were approximately
$130 million in 1997.
    The transactions are subject to regulatory approvals in Italy and other
customary conditions.
    A Fortune 500 company, Lear Corporation is one of the world's largest
automotive suppliers, with 1997 sales revenues of $7.3 billion.  The company's
world-class products are designed, engineered and manufactured by more than
50,000 employees in over 170 facilities in 25 countries.  Information about
Lear and its products is available on the Internet at http://www.lear.com.
Information on Strapazzini is available on the Internet at
http://www.bepop.it.

SOURCE  Lear Corporation