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Lear Corporation is an American company that manufactures automotive seating and automotive electrical systems. In 2019, it ranked #147 and in 2018, it ranked #148 on the Fortune 500 list.


Early stages

Lear Corporation was launched as American Metal Products in 1917 in
Detroit, Michigan Detroit ( , ; , ) is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at ...
. 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.


Inheritance of United Technologies Automotive

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. First Large Corporation to achieve ISO/TS 16949:1999 world wide in 280 global facilities, all of which was managed by Bill Cooper, Lear Corporation Global Quality Systems Senior Quality Manager.


Next Acquiring

On April 5, 2004, Lear announced it would pay $220 million for
Wuppertal, Germany Wuppertal (; "''Wupper Dale''") is, with a population of approximately 355,000, the seventh-largest city in North Rhine-Westphalia as well as the 17th-largest city of Germany. It was founded in 1929 by the merger of the cities and tow ...
-based Grote & Hartmann, a maker of electrical components. On July 6, 2004, Lear announced it had completed the transaction.


Spinoff Assembling and Interior Systems Division

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.


Another extension and purchasing of the Interior System Department

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 A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acces ...
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 Carl Celian Icahn (; born February 16, 1936) is an American financier. He is the founder and controlling shareholder of Icahn Enterprises, a public company and diversified conglomerate holding company based in Sunny Isles Beach. Icahn takes la ...
, 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.


Close to Bankruptcy

On July 2, 2009
Bloomberg News Bloomberg News (originally Bloomberg Business News) is an international news agency headquartered in New York City and a division of Bloomberg L.P. Content produced by Bloomberg News is disseminated through Bloomberg Terminals, Bloomberg T ...
reported that Lear Corp. planned to file for
Chapter 11 bankruptcy Chapter 11 of the United States Bankruptcy Code ( Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...
after reaching an agreement with representatives of secured lenders and bondholders. On November 9, 2009, Lear announced it had emerged from bankruptcy.


Simoncini becomes CEO

On August 10, 2011, Lear announced that senior vice president and chief financial officer Matt Simoncini had been elected chief executive officer and president, effective September 1, 2011.


PACE Award

In 2012, ''
Automotive News ''Automotive News'' is a weekly newspaper written for the automotive industry, predominantly individuals corresponding with automobile manufacturers and automotive suppliers. Based in Detroit and owned by Crain Communications Inc, ''Automotive ...
'' awarded Lear a Premier Automotive Suppliers' Contribution to Excellence (PACE) Award for innovation, technological advancement and business performance for its Solid State Smart Junction Box (S3JB), noting Lear's "S3JB junction box has 1) integrated solid state fuse technology to eliminate relays, 2) created a new package that no longer has to be accessible from the driver compartment which decreases nuisance calls and lowers electrical device warranty returns, 3) created and installed a smart software logic with detailed diagnostics to permit a 'fail safe operation,' and 4) designed a single state board design with patented thermal aspects that permits multiple system and device connections and various configurations to ease manufacturing processes."


Takeover of Guilford Mills

Lear acquired automotive and specialty fabrics company
Guilford Mills Guildford is a town in Surrey, England. It gives its name to the Borough of Guildford, the Diocese of Guildford and the Parliamentary constituency of Guildford. Guildford, Guilford, or Gildford may also refer to: Places Australia * Guild ...
for $257 million in May 2012. In addition to automotive fabric applications, Guilford produces fabrics for markets including water filtration, window covering, performance apparel, medical and other industrial applications.


Acquisition of Eagle Ottawa LLC

In August 2014, it was announced that Lear Corp would acquire automotive leather supplier
Eagle Ottawa LLC Eagle is the common name for many large birds of prey of the family Accipitridae. Eagles belong to several groups of genera, some of which are closely related. Most of the 68 species of eagle are from Eurasia and Africa. Outside this area, just ...
for a fee of $850 million.


Occasions 2015

In May 2015 the company announced that it would open a new automotive plant in
Gostivar Gostivar ( mk, Гостивар , Albanian and Turkish: ''Gostivar''), is a city in North Macedonia, located in the upper Polog valley region. It is one of the largest municipalities in the country with a population of 81,042, and the town als ...
,
Republic of North Macedonia North Macedonia, ; sq, Maqedonia e Veriut, (Macedonia before February 2019), officially the Republic of North Macedonia,, is a country in Southeast Europe. It gained independence in 1991 as one of the successor states of Yugoslavia. It ...
, in the summer of 2015. This was to be Lear's first facility in North Macedonia. In August 2015 the company acquired the intellectual property and engineering team of Autonet Mobile. Autonet Mobile was a developer of connected car solutions using cellular, WiFi, Bluetooth and cloud connected solutions. In November 2015 the company acquired Arada Systems. Arada Systems was a technology company specializing in vehicle-to-vehicle and vehicle-to-infrastructure (V2V and V2I, together V2X) communication systems. They developed hardware and software for V2X utilizing their expertise in 5.9 GHz dedicated short range communication (DSRC) and other wired and wireless technologies such as CAN and GPS.


Agreement set for takeover Grupo Antolin

In February 2017 it was announced that Lear Corp signed a definitive agreement to acquire Grupo Antolin's automotive seating business. The transaction was valued at €286 million on a cash and debt free basis. Lear Corp funded the transaction with cash on hand.


Formula 1 Engagement

Lear held a backer for the
Jaguar Racing Jaguar Racing is the name given to Jaguar Land Rover's racing interests. It currently competes in Formula E under the name Jaguar TCS Racing as a result of the partnership with Tata Consultancy Services. It was previously a Formula One constr ...
Team in the
2001 Formula One World Championship The 2001 FIA Formula One World Championship was the 55th season of FIA Formula One racing. It commenced on 4 March 2001 and ended on 14 October after seventeen races. Michael Schumacher won the Drivers' title with a record margin of 58 points, a ...
and also now in the
Formula E Formula E, officially the ABB FIA Formula E World Championship, is a single-seater motorsport championship for electric cars. The series was conceived in 2011 in Paris by FIA president Jean Todt and Spanish businessman Alejandro Agag, wh ...
Competition.


Acquisition of InTouch Automation

In November 2022, it was announced Lear had acquired the Novi-based supplier of
Industry 4.0 The Fourth Industrial Revolution, 4IR, or Industry 4.0, conceptualizes rapid change to technology, industries, and societal patterns and processes in the 21st century due to increasing interconnectivity and smart automation. The term has bee ...
technologies and automated testing equipment used in the production of automotive seats, InTouch Automation.


References

{{Authority control Auto parts suppliers of the United States Manufacturing companies based in Michigan Companies based in Southfield, Michigan Companies that filed for Chapter 11 bankruptcy in 2009 Companies listed on the New York Stock Exchange Automotive companies established in 1917 1917 establishments in Michigan