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Lear Corporation

Lear Corporation
Formerly called
American Metal Products
Public Fortune 500
Traded as LEA
Russell 2500 Component
Industry Manufacturing
Founded Detroit, Michigan (1917 (1917))
Headquarters Southfield, Michigan, United States of America
Number of locations
240 locations in 36 countries
Area served
International
Key people
Matthew J. Simoncini, President, Chief Executive Officer and Director; Terry Larkin, Executive Vice President, Business Development and General Counsel
Services Supplier of automotive seating and electrical
Revenue $18.6 billion in 2016
Number of employees
140,000
Divisions Seating and Electrical
Website www.lear.com/en/

Lear Corporation headquartered in Southfield, Michigan, United States of America, is a Fortune 500 company, engaged in the business of manufacturing and distribution of automotive seating and electrical distribution systems. As of 2014, the company had 221 manufacturing facilities in 36 countries around the globe, staffed by 113,401 employees. They recorded an aggregate global sales of US$16.2 billion in 2013. Lear has two major divisions: the seating business segment and the electrical business segment.

Lear Corporation was launched as American Metal Products in 1917 in Detroit, Michigan. At the time of its founding it was engaged in the manufacture of tubular, welded and stamped assemblies for the aircraft and automobile industries.

Lear grew during the 1980s and 1990s through a series of acquisitions. The company sought to become a supplier of complete interior automotive systems, that is, a supplier of seating, electrical, flooring, interior trim, instrument panels, etc., to original equipment manufacturing (OEM) auto companies.

On March 16, 1999, Lear announced it would acquire United Technologies Automotive, a subsidiary of United Technologies Corporation that produced dashboards, electrical distribution systems, motors and air-flow parts, interior door panels and switches, for $2.3 billion. Lear announced on May 4, 1999, that it had completed the acquisition.

On April 5, 2004, Lear announced it would pay $220 million for Wuppertal, Germany-based Grote & Hartmann, a maker of electrical components. On July 6, 2004, Lear announced it had completed the transaction.

As of late 2005, most OEM auto companies had indicated that they no longer wanted to purchase total interiors from any one company. As this was Lear's primary purpose in assembling those three divisions, and the Interior Systems Division was not profitable, the company began seeking to get rid of this division.

In early 2007, Lear Corporation completed the transfer of substantially all of its former North American Interior Systems Division to International Automotive Components Group (IAC), a joint venture of Lear, WL Ross & Co., and Franklin Mutual Advisers. The deal involved 26 manufacturing plants and two Chinese joint ventures. Lear also contributed $27 million in cash for a 25 percent interest in IAC and warrants for an additional 7 percent.

Also in 2007, Lear's board of directors agreed to a $2.3 billion takeover offer from American Real Estate Partners, an affiliate of financier Carl Icahn, subject to shareholder approval. Lear has said it will continue to talk to other interested parties, however, Icahn would receive a $100 million fee should another offer be accepted. The deal was later voted down by shareholders.


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