Lear Corp. opens Shanghai regional office to support Asia growth

Southfield, Mich. – Lear Corp. has opened its new Asia corporate headquarters and its regional state-of-the-art Product and Technology Center located in the Yangpu District of Shanghai, China.

The expansion of administrative infrastructure, engineering capability, and product innovation resources in a central Shanghai location will allow the automotive seating and components company to continue its rapid sales growth and development of new business in Asia and China.

"The Asia-Pacific region is Lear's fastest growing market in the world and the expansion of our administrative and technical capabilities in Shanghai will support continued growth in this region," says Matt Simoncini, Lear's president and chief executive officer. "China, which is our largest market in Asia, is now the largest automotive producing region in the world. Over the past three years, Lear's sales in China have grown at an average annual rate of 24%, three times faster than industry production.”

The new Asia headquarters will support approximately 21,000 employees in eleven countries in Asia, including almost 11,000 in China. Lear manufactures products in Asia at 60 locations with support from engineering teams at 10 locations throughout the region.

Asia is Lear's fastest growing region and in 2013, consolidated sales grew by 16% to $2.9 billion. Lear also supports Asia through 10 unconsolidated joint ventures in the region. Incremental 2013 sales in these unconsolidated joint ventures were $1.6 billion in 2013, bringing Lear's total sales in Asia last year to $4.5 billion.

This modern facility for Lear's 600 Shanghai employees, also includes a new Regional Product and Technology Center, showcasing the company's products in automotive seating and electrical distribution, including high power products for electrical and hybrid vehicles.

"We offer a full range of industry-leading seating and electrical distribution systems and related components," adds Jay Kunkel, Lear's president of Asia-Pacific Operations.

Source: Lear Corp.