Donnelly Corporation Concludes Sale of Joint Venture Interest
15 September 1999
Donnelly Corporation Concludes Sale of Joint Venture InterestHOLLAND, Mich., Sept. 15 -- Donnelly Corporation today announced that it has closed on the sale of the company's ownership in a former joint venture operation, Lear Donnelly Overhead Systems, LLC. Donnelly sold its interest to Lear Corporation, its partner in the JV, for cash and other assets. Terms of the sale have not been disclosed, pending the resolution of open issues. However, Donnelly does expect that the sale will result in a one-time, material favorable impact on net income. 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 door handles. Through its various product lines, Donnelly is a supplier to every major automotive manufacturer in the world. The company has been based in Holland, Michigan, since 1905, and today has approximately 5,600 employees in 12 countries worldwide. In addition, Donnelly is nationally recognized as a leader in the application of participative management principles and systems. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any current expectations of the Company, or its management, are not guarantees of future performance and involve risk and uncertainties. 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; (d) human resource constraints which could impede changes in Europe; and (e) other risks and uncertainties.