Lear Corporation Completes Acquisition of Delphi's Seat Business
1 September 1998
Lear Corporation Completes Acquisition of Delphi's Seat BusinessSOUTHFIELD, Mich., Sept. 1 -- Lear Corporation has completed the acquisition of Delphi Automotive Systems' seating (Delphi Seating) business for approximately $250 million. "The acquisition of Delphi Seating strengthens our position in the $48 billion global automotive interiors industry," said Kenneth L. Way, Lear Corporation's Chairman and Chief Executive Officer. Delphi Seating has 6,200 employees operating from 16 locations in 10 countries, and provides approximately 19% of General Motors' seat systems. Sales in 1997 were approximately $1.4 billion. "This is a very important acquisition for Lear as it strengthens our existing relationship with General Motors, expands our product lines, technical capabilities and market share," said Way. "Equally important, we can now offer Delphi Seating's product lineup to other manufacturers who may have been reluctant to do business with a General Motors subsidiary in the past." A Fortune 500 Company, Lear Corporation is one of the world's largest automotive suppliers, with 1997 sales of $7.3 billion. The company's world- class products are designed, engineered and manufactured by more than 60,000 employees in over 200 facilities located in 28 countries. Lear's 15-year compounded annual growth rate for sales and operating income is over 30 percent. Information about Lear and its products is available on the Internet at http://www.lear.com. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results due to certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Lear operates, fluctuations in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant customers, risks associated with conducting business in foreign countries and other risks detailed from time to time in the Company's Securities and Exchange Commission filings.