Southfield, Mich. - 12 March 2014 - Lear Corporation, a leading global supplier of automotive seating and electrical distribution systems, opened its new Asia corporate headquarters and its regional Product and Technology Center located in the Yangpu District of Shanghai, China. The new Asia headquarters will support approximately 21,000 employees in eleven countries in Asia, including almost 11,000 in China.
Lear manufactures products in Asia at 60 locations with support from engineering teams at 10 locations throughout the region. Asia is Lear's fastest growing region and in 2013, consolidated sales grew by 16% to $2.9 billion. Lear also supports Asia through 10 unconsolidated joint ventures in the region. Incremental 2013 sales in these unconsolidated joint ventures were $1.6 billion in 2013, bringing Lear's total sales in Asia last year to $4.5 billion.
"The Asia-Pacific region is Lear's fastest growing market in the world and the expansion of our administrative and technical capabilities in Shanghai will support continued growth in this region," said Matt Simoncini, Lear's president and chief executive officer. "China, which is our largest market in Asia, is now the largest automotive producing region in the world. Over the past three years, Lear's sales in China have grown at an average annual rate of 24%, three times faster than industry production. Our new regional headquarters in China will enable us to improve the level of support we provide to our customers with superior customer service in one convenient location that includes administrative, engineering, product development and validation expertise as well as a Cost Technology Optimization Center."
This new facility for Lear's 600 Shanghai employees, also includes a new Regional Product and Technology Center, showcasing the Company's leading products in automotive seating and electrical distribution, including high power products for electrical and hybrid vehicles.
Lear Corporation is one of the world's leading suppliers of automotive seating and electrical distribution systems. The Company's products are designed, engineered and manufactured by a team of approximately 122,000 employees located in 36 countries. Lear's headquarters are in Southfield, Michigan.
Source: Lear Corporation