Lear Corporation and Takashimaya Nippatsu Kogyo Co. Ltd. Form Joint Venture; Announce New Seating Business for Future Toyota Motor Corp. Minivan

1 November 2000

Lear Corporation and Takashimaya Nippatsu Kogyo Co. Ltd. Form Joint Venture; Announce New Seating Business for Future Toyota Motor Corp. Minivan

    SOUTHFIELD, Mich., Nov. 1 Lear Corporation
today announced the formation of Total Interior Systems - America (TISA), a
joint venture with Takashimaya Nippatsu Kogyo Co. Ltd. (TNK), and said TISA
has been selected to supply seat systems for the Sienna minivan to be built at
Toyota Motor Manufacturing, Indiana, beginning in 2003.
    The TISA joint venture will allow Lear and TNK to broaden their customer
bases and combine their resources to lower costs and optimize quality.  TISA
will locate a facility in Princeton, Ind., to allow it to produce and deliver
seat systems on a just-in-time basis to the Toyota plant.  Financial terms of
the agreement with Toyota were not disclosed.
    "Total Interior Systems - America will bring together the best of both
companies and cultures to develop and produce new seating solutions for the
automotive market," said Tomio Suzuki, President of TNK.  "After years of
cooperation, both companies agreed it would be mutually beneficial to combine
their skills and talents to offer vehicle manufacturers further options in
automotive interior systems."
    "We are extremely pleased to be given an opportunity to supply seat
systems to Toyota through our new joint venture with TNK," said Bob Rossiter,
President and Chief Executive Officer of Lear Corporation.  "This project with
Toyota is further proof that our goal to 'Advance Relentlessly,' as the
ultimate resource for world-class automotive interior products is bearing
fruit."
    Japan-based TNK is a major supplier of seats and door panels to Toyota,
with 1999 sales of $800 million.  The supplier employs 2,200 persons at eight
assembly plants in Japan, as well as its operations in China, the Philippines,
Thailand, Turkey and Vietnam.
    Lear Corporation, a Fortune 150 company headquartered in Southfield,
Mich., USA, focuses on automotive interiors and electronics, and is the
world's fifth-largest automotive supplier.  Sales in 1999 were $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