Lear Corporation
Company Profile
Business Overview
-The Company supplies complete seat systems, seating components, electrical distribution and connection systems, power distribution products, battery disconnect units, electronic controllers, and other electronic modules as well as related sub-systems, components and software, to all of the world's major automotive manufacturers.
-Its business is organized under two reporting segments: Seating and E-Systems. Each of these segments has a varied product and technology range across a number of component categories:
- Seating
- Design, development, engineering, just-in-time assembly and delivery of complete seat systems
- Design, development, engineering and manufacture of all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam and headrests
- Active sensing, safety, connectivity, user experience and comfort for seats, utilizing electronically controlled systems and internally developed algorithms
- E-Systems
- Design, development, engineering and manufacture of complete electrical distribution systems
- Design, development, engineering and manufacture of power distribution systems and battery disconnect units
- Sophisticated electronic control modules, electrification products and connectivity products
Competitors
Seating Segment | E-Systems Segment |
-Adient -Forvia -Magna International -Toyota Boshoku -TS Tech -Yanfeng |
-Aptiv -Bosch -CATL -Continental -Delta Electronics -Denso -Harman -Hella -Leoni -LG Energy Systems -Molex -Panasonic -Sumitomo Electric Industries -TE Connectivity -Valeo -Visteon -Yazaki |
-Based on independent market studies and estimates, the Company believes it has the #2 position globally in complete seat systems with a 25% global market share on the basis of revenue for the fiscal year ended December 31, 2023. The Company has a mid-tern target of achieving a global market share of 29% in complete automotive seat systems.
-In May 2022, the Company entered into a definitive agreement to acquire I.G. Bauerhin, a private supplier of automotive seat heating, ventiliation, cooling, sensors, steering wheel heating and ECUs. In April 2023, the Company completed the acquisition of I.G. Bauerhin for EUR 175 million.
Shareholders
-The Company is listed on the New York Stock Exchange.
Products
Seating
-Complete seat systems
-Seat covers
-Seat structures
-Seating mechanisms (recliners, tracks, latches)
-Foam technologies
-Seating comfort systems including massage, lumbar support, thermal comfort, and ventilation
-Seating electronic control modules
-INTU intelligent seating systems with advanced comfort solutions
-Eagle Ottawa Leather
-Guilford Performance Textiles
-ConfigurE+ configurable seating architecture system
-Ansole leather finishing technology
-ReNewKnit sustainable sueded alternative material
-TeXstyle surface material coatings
-SoyFoam low-profile, low-emissions foam
-FlexAir recyclable non-foam alternative
-Zero gravity seats
E-Systems
-Wire harnesses
-Connection systems
-Integrated power modules
-Smart junction boxes
-Body domain controllers
-Audio domain controllers
-Zone control modules
-Advanced software
-Terminals
-Connectors
-Power distribution units
-Eyelets
-Seals
-TCUs
-Battery disconnect units
-High-voltage battery connection systems
History
1917 | Established as "American Metal Products Corporation" in Detroit, USA. |
Nov. 1993 | Purchased certain assets of the Plastics and Trim Products Division of Ford Motor Co. that supply seat trim and trimmed seat assemblies to Ford. |
Dec. 1993 | Merged with parent company, Lear Holdings Corporation, to form new entity. |
Dec. 1994 | Acquired SEPI S.p.A. from Gilardini S.p.A. |
Jun. 1995 | Acquired approximately 97% of Masland Corporation. Formed a joint venture, Lear Seating Inespo Industrial Do Brasil L.T.D.A. in Brazil. |
Aug. 1995 | Acquired Automotive Industries Holding, Inc. |
Oct. 1995 | Formed a joint venture, Lear Seating Do Brasil in Brazil. |
Dec. 1996 | Acquired Borealis Industrier AB, a western European supplier of instrument panels, door panels and other automotive components, from Borealis Holding AB. |
Jun. 1997 | Acquired Dunlop Cox Limited. |
Jul. 1997 | Acquired certain equity and partnership interests in Keiper Car Seating GmbH & Co. and certain of its subsidiaries and affiliates. |
Aug. 1997 | Acquired the Automotive Seat Sub-Systems Unit of ITT Automotive. |
Sep. 1998 | Acquired the seating business of Delphi Automotive Systems. |
Feb. 1999 | Acquired Polovat and the automotive business of Ovatex. |
Apr. 1999 | Purchased certain assets of Peregrine Windsor, Inc., a division of Peregrine Incorporated. |
May 1999 | Acquired UT Automotive Inc., a wholly-owned operating segment of United Technologies Corporation. |
Jun. 1999 | Sold Electric Motor Systems (EMS) to Johnson Electric Holdings Limited. |
Sep. 1999 | Purchased Donnelly Corporation's 50% interest in Lear-Donnelly Overhead Systems, L.L.C., the joint venture in which the two suppliers had been partners. |
May 2000 | Formed a joint venture with Motorola, Inc. |
Jun. 2000 | Sold its sealants and foam rubber business to AcoustiSeal. |
Nov. 2000 | Formed Total Interior Systems - America, a joint venture with Takashimaya Nippatsu Kogyo Co., Ltd. |
Dec. 2000 | Sold four European plastic and metal manufacturing facilities. |
2000 | Sold its interests in North American Interiors, L.L.C., Pianfei Glass S.A., Autoform Kunstoffteile GmbH and Autoform Kunstoffteile GmbH & Co. KG. |
Feb. 2002 | Formed a comprehensive business partnership with Mitsubishi Cable Industries, Ltd. in the automotive wire harness business. |
Apr. 2002 | Announced the formation of Nanjing Lear Xindi Automotive Interiors System Co., Ltd. (Lear Xindi), a joint venture with the Xindi subsidiary of Yuejin Motor Group Corporation. |
2006 | Decided to exit the interior business and completed the divestiture of European interior business. |
Mar. 2007 | Completed the divestiture of its interior business. |
Jul. 2009 | The Company, along with certain U.S. and Candian subsidiaries, filed for Chapter 11 bankruptcy protection. |
Nov. 2009 | The Company emerged from Chapter 11 bankruptcy protection. |
May 2012 | Acquired Guilford Mills, a manufacturer of fabrics for the automotive and specialty markets. |
Jan. 2015 | Acquired Eagle Ottawa, a manufacturer of automotive leather, for USD 850 million. |
Aug. 2015 | Acquired intellectual property and technology from Autonet Mobile, a developer of software and devices for automotive applications. |
Nov. 2015 | Acquired Arada Systems, an automotive technology company which focuses on V2V and V2I communications. |
Dec. 2016 | Acquired AccuMED Holdings Corp., a privately-held developer and manufacturer of specialty fabrics. |
Apr. 2017 | Completed acquisition of Grupo Antolin’s seating business for EUR 286 million. |
Dec. 2017 | Entered agreement to acquire EXO Technologies, a GPS technology specialist which provides high-accuracy solutions for autonomous and connected vehicle applications. |
Jan. 2018 | Completed acquisition of EXO Technologies. |
Apr. 2019 | Acquired Xevo Inc., a supplier of software solutions for the cloud, vehicles and mobile devices. |
Mar. 2021 | Acquired M&N Plastics, an injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications. |
Feb. 2022 | Completed acquisition of Kongberg Automotive’s Interior Comfort Systems business unit, which specializes in thermal and comfort seating solutions, for USD 198 million. |
May 2022 | Entered definitive agreement to acquire I.G. Bauerhin, a supplier of automotive seat heating, ventilation, cooling, sensors and ECUs, for USD 140 million. Completed acquisition of Thagora Technology SRL, a specialist in material utilization hardware and software technologies. |
Nov. 2022 | Completed acquisition of InTouch Automation, a supplier of Industry 4.0 technologies and automated testing equipment for automotive seat production. |
Apr. 2023 | Completed acquisition of I.G. Bauerhin, a private supplier of automotive seat heating, ventilation, cooling, sensors, steering wheel heating and ECUs, for EUR 140 million. |
Supplemental Information 1
>>>Business report FY ended Dec. 31, 2006
>>>Business report FY ended Dec. 31, 2007
>>>Business report FY ended Dec. 31, 2008
>>>Business report FY ended Dec. 31, 2009
>>>Business report FY ended Dec. 31, 2010
>>>Business report FY ended Dec. 31, 2011
>>>Business report FY ended Dec. 31, 2012
>>>Business report FY ended Dec. 31, 2013
>>>Business report FY ended Dec. 31, 2014
>>>Business report FY ended Dec. 31, 2015
>>>Business report FY ended Dec. 31, 2016
>>>Business report FY ended Dec. 31, 2017
>>>Business report FY ended Dec. 31, 2018
>>>Business report FY ended Dec. 31, 2019
>>>Business report FY ended Dec. 31, 2020
>>>Business report FY ended Dec. 31, 2021
>>>Business report FY ended Dec. 31, 2022
Archives of Past Exhibits
Note: A figure in brackets ( ) indicates a loss