Lear Corporation Completes Sale of Electric Motor
Systems Business Southfield, Michigan (PROTEXT)
Lear Corporation (NYSE: LEA) today completed the sale of its recently acquired Electric Motor Systems (EMS) business to Johnson Electric Holdings Limited (OTC Bulletin Board: JELCY; SEHK: 179) for US $310 million. Lear will use the proceeds from the sale to pay down debt under its existing credit facilities. Lear acquired the EMS business in its May 4, 1999 acquisition of United Technologies Automotive (UTA). EMS is a global supplier of industrial and automotive electric motors and starter motors for small gasoline engines. EMS had 1998 sales of $351 million. The business has approximately 3,300 employees operating at locations in 10 countries. "We're pleased that we were able to so quickly complete the sale of the motors business," said Kenneth L. Way, Lear Chairman and Chief Executive Officer. "We're also moving quickly in integrating our core interior and electronic systems business in order to advance our role as the industry's leading automotive systems integrator." Lear Corporation, a Fortune 200 company headquartered in Southfield, Michigan, is the world's largest supplier of automotive interiors, with 1998 proforma sales of more than $12 billion. The company's world-class products are designed, engineered and manufactured by more than 100,000 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. Johnson Electric, which is headquartered in Hong Kong, is a world leader in the design, development and delivery of a broad range of micro motor products. Johnson micro motors are used in a variety of consumer and business product applications, including Automobile Components, Home Appliances, Power Tools, Personal Care and Business Equipment/Multimedia. Information about Johnson Electric and its products is available on the Internet at http://www.johnsonmotor.com. ots Original Text Service: Lear Corporation Internet: http://www.newsaktuell.de Contact: Media: Karen Stewart, Director, Corporate Communications Tel.: (in the USA) 248-447-1651, or Analysts: Jonathan Peisner, Director, Investor Relations Tel.: (in the USA) 248-447-1624 Company News On-Call: http://www.prnewswire.com/comp/518304.html or fax, 800- 758-5804, ext. 518304 Web site: http://www.johnsonmotor.com Web site: http://www.lear.com
Subscribers please note that material bearing the label "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" label. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents.