Lear Corporation Acquires United Technologies Automotive

Lear Corporation (NYSE: LEA) today announced that it has completed the acquisition of United Technologies Automotive, the former subsidiary of United Technologies Corporation, for $2.3 billion. UT Automotive has 46,000 employees operating from 145 locations and had 1998 revenues of $3.0 billion. "UT Automotive is a great strategic fit for Lear -- it enhances our instrument panel, headliner and door panel capabilities in North America, and positions Lear as the third largest supplier in the $20 billion global automotive electrical distribution systems market," said Ken Way, Lear Chairman and Chief Executive Officer. "Not only will the acquisition expand our market opportunities, but it is accretive right out of the box and we expect it to create excellent financial returns on a long-term basis. "It also positions Lear as the ultimate automotive interior integrator," Way added. "Lear now has the unique capability to provide all interior modules and link them through an electrical and electronic 'neural network.'" Lear Corporation, a Fortune 200 company headquartered in Southfield, Michigan, is the world's largest supplier of automotive interiors, with 1998 proforma sales of $13 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. This Lear Corporation news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the anticipated results due to certain risks and uncertainties, including but not limited to general economic conditions in the markets in which Lear operates, fluctuations in the production of vehicles for which the Company is a supplier, labor disputes involving the Company or its significant customers, risks associated with conducting business in foreign countries and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. ots Original Text Service: Lear Corporation Internet: http://www.newsaktuell.de Contact: Media: Karen Stewart, Director - Corporate Communications (USA) 248-447-1651, or Analyst: Jonathan Peisner, Director - Investor Relations (USA) 248-447-1624, both of Lear Company News On-Call: http://www.prnewswire.com/comp/518304.html or Fax, (USA) 800- 758-5804, ext. 518304 Web site: http://www.lear.com

Klíčová slova

Oblast
Praha, Česká republika (ce)

Kategorie

ZASÍLÁNÍ ZPRÁV
Přihlásit k odběru

Upozornění:
Materiály označené značkou Protext nejsou součástí zpravodajského servisu ČTK a nelze je publikovat pod její značkou. Jde o komerční sdělení zadavatele, který je ve zprávě označen a který za ně nese plnou odpovědnost.