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Lear Signs a Definitive Agreement To Sell Its Electric Motor Systems Business

10 May 1999

Lear Corporation Signs a Definitive Agreement To Sell Its Electric Motor Systems Business

    SOUTHFIELD, Mich., May 7 -- Lear Corporation
announced today that it has signed a definitive purchase agreement with
Johnson Electric Holdings Limited (OTC Bulletin Board: JELCY; SEHK: 179) to
sell its recently acquired Electric Motor Systems (EMS) business for US $310
million.  Lear acquired the EMS business in its May 4, 1999 acquisition of
United Technologies Automotive.
    EMS is a global supplier of industrial and automotive electric motors and
starter motors for small gasoline engines.  EMS had 1998 sales of $351
million.  The business has approximately 3,300 employees operating at
locations in 10 countries.
    "Divesting the motors business will allow us to focus on the interior and
electronic systems that are core to our role as an interiors integrator
serving automotive manufacturers worldwide," said Ken Way, Lear Chairman and
Chief Executive Officer.  "This move further demonstrates our strong
commitment and focus on our automotive customers."
    Consummation of the acquisition is contingent upon expiration or
termination of applicable waiting periods provided under the Hart-Scott-Rodino
Antitrust Improvements Act and applicable foreign competition act approvals.
    Lear Corporation, a Fortune 200 company headquartered in Southfield,
Michigan, is the world's largest supplier of automotive interiors, with 1998
proforma sales of more than $12 billion.  The company's world-class products
are designed, engineered and manufactured by more than 100,000 employees in
over 300 facilities located in 33 countries.  Information about Lear and its
products is available on the Internet at http://www.lear.com.
    Johnson Electric is a world leader in the design, development and delivery
of a broad range of micro motor products.  Johnson micro motors are used in a
variety of consumer and business product applications, including Automobile
Components, Home Appliances, Power Tools, Personal Care and Business
Equipment/Multimedia.  Information about Johnson Electric and its products is
available on the Internet at http://www.johnsonmotor.com.