LEAR WINS VOLVO SEATING BUSINESS
LEAR WINS VOLVO SEATING BUSINESS SOUTHFIELD, Mich., Nov. 21 /PRNewswire/ -- Lear Seating Sweden, AB
today announced that it has acquired the seating business of Volvo Car Corporation in Bengtsfors, Sweden. Sales of this new plant are expected to grow to $100 million (US) annually.
Kenneth L. Way, chairman of Lear, said the purchase agreement provides that Lear will assume responsibility for the plant and employees of Volvo. It will produce all seating requirements, including cut and sew covers, beginning Jan. 1, 1992. "This important new business helps to solidify Lear's growing worldwide market position," said Way. "This agreement covers seating for all three Volvo plants in Sweden and includes the 2-series, 7-series and 9-series models." The new Volvo agreement is Lear's third major investment in the Nordic countries during the past year. Lear currently makes complete seats for Saab in Trollhattan, Sweden, and Saab-Valmet in Uusikaupunki, Finland. The Lear Bengtsfors plant will be its sixth "just-in-time" (JIT) production facility in Europe and its 26th JIT operation worldwide. Lear has been established in Europe for over 40 years, making seat frames at three locations. Lear (LSS Holdings Corp.) has more than 11,150 employees worldwide. Production of the expanding company exceeds 3.5 million complete car seats annually. In its last fiscal year, Lear achieved sales of $1.25 billion (including JVs). -0- 11/21/91 /CONTACT: Anthony De Lorenzo, 313-644-9150, for Lear Seating Corporation/ CO: Lear Seating Sweden; Lear Seating Corporation ST: Michigan IN: AUT SU: TNM ML -- DE013 -- 5867 11/21/91 12:01 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 21, 1991|
|Previous Article:||ROBERT SILVERMAN PROMOTED TO DISTRICT MANAGER OF RYDER TRUCK RENTAL'S TEXAS CONSUMER RENTAL DISTRICT|
|Next Article:||VALERO ENERGY TO REDEEM REMAINING OUTSTANDING DEPOSITARY PREFERRED SHARES|