Lear Corporation, The Bing Group Expand Joint Venture into Exterior Mirror Business

5 June 2000
Lear Corporation, The Bing Group Expand Joint Venture into Exterior Mirror Business
    DETROIT, June 5 Lear Corporation and The Bing
Group today announced an expansion of the Bing-Lear Manufacturing Group joint
venture, formerly Detroit Automotive Interiors, to include the exterior mirror
operations formerly owned by Lear.  Financial terms of the sale of Lear's
exterior mirror business in Berne, Ind., were not disclosed.
    The mirror operations, which were included in Lear's acquisition of United
Technologies Automotive in 1999, employ a workforce of 350 at three locations
in Berne.  The facilities produce exterior mirror systems for major
automakers, with annual sales in excess of $50 million.
    "Our business association with Dave Bing has always been highly successful
and we expect Bing-Lear Manufacturing to continue to grow," said Kenneth L.
Way, Lear Chairman and Chief Executive Officer.  "Lear is committed to growing
its minority partner alliances as part of our continued effort to support and
encourage supplier diversity."
    "We look forward to expanding our share of the $600 million annual market
for exterior automotive mirrors," said Dave Bing, Chairman of The Bing Group.
"Based on discussions with our customers, we believe this agreement will allow
us to leverage the joint capabilities of our companies to increase our sales
in this segment."
    Lear will continue to have a 49% stake in Bing-Lear Manufacturing Group.
Lear began its partnership with The Bing Group in 1996 through Detroit
Automotive Interiors, a joint venture in Detroit's Empowerment Zone created to
supply seats to the automotive industry.
    The Bing Group, a Detroit-based automotive supplier with 1999 sales of
$304 million, is the fifth-largest African-American company based on a recent
annual survey by Black Enterprise magazine.  The company employs more than
1,100 employees in its Bing-Lear Manufacturing Group and Bing Metals Group
operations.  Information about the Bing Group can be found on the Internet at
http://www.binggroup.com
    Lear Corporation, a Fortune 150 company headquartered in Southfield, Mich.
(USA), is one of the world's largest automotive suppliers, with 1999 sales of
$12.4 billion.  The company's world-class products are designed, engineered
and manufactured by more than 120,000 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