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Lear Corp to Acquire United Technologies Automotive

17 March 1999

Lear Corporation Signs Purchase Agreement to Acquire United Technologies Automotive

    SOUTHFIELD, Mich., March 16 -- Lear Corporation
announced today that it has signed a definitive purchase agreement with United
Technologies Corporation to acquire UT Automotive, Inc., a wholly
owned subsidiary of Hartford, Connecticut-based United Technologies
Corporation (UTC) for $2.3 billion.
    UT Automotive is one of the world's leading suppliers of electrical,
electronic, motor, and interior products and systems to the global automotive
industry.  Electrical components and systems make up about 75 percent of the
company's overall business, with interior trim representing the balance.
Headquartered in Dearborn, Michigan, UT Automotive has annual sales of $3
billion, 44,000 employees, and 90 manufacturing facilities in 18 countries.
    "This acquisition of UT Automotive further expands Lear's capability in
the growing, high-value instrument panel segment, particularly in North
America, and gives Lear expertise in electric and electronic distributions
systems," said Kenneth L. Way, Chairman and Chief Executive Officer.  "Lear
will now have the products and technical abilities to provide full-service
modules that combine interior systems and electrical and electronic components
and systems.  This unique capability will give Lear the expanded role and
performance our customers demand."
    "We expect this transaction to be accretive to earnings by five cents in
1999 and thirty-five cents in 2000," Way added.
    Consummation of the acquisition is contingent upon expiration or
termination of any applicable waiting periods under the federal Hart-Scott-
Rodino Antitrust Improvements Act.
    Lear Corporation, a Fortune 500 company, is one of the world's largest
automotive suppliers, with 1998 sales of $9.1 billion.  The company's world-
class automotive interior products are designed, engineered and manufactured
by more than 60,000 employees in over 200 facilities located in 28 countries.
Information about Lear and its products is available on the Internet at
http://www.lear.com.
    United Technologies Corporation is a $25.7-billion corporation that
provides a broad range of high-technology products and support services to
customers in the aerospace, building and automotive industries worldwide.
UTC's best-known products include Pratt & Whitney aircraft engines, Otis
elevators, Carrier heating and air conditioning systems, Sikorsky helicopters,
Hamilton Standard aerospace systems and UT Automotive components and systems.
The corporation also supplies equipment and services to the U.S. space
program.
    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.