Lear to Provide Interior Trim For the 2007 Toyota Tundra
December 20, 2004
Southfield, Mich., December 20, 2004 – Lear Corporation [NYSE:LEA] today announced that it has been awarded interior trim business for the 2007 Toyota Tundra pickup truck and plans to form a Minority Business Enterprise joint venture to supply the automaker from a new facility on Toyota's site in San Antonio, Texas. Financial terms of the agreement were not disclosed.
Lear has been sourced to produce plastic components as one of the on-site suppliers to Toyota and will shortly begin construction of a 100,000+ square-foot production plant. This new plant will also supply parts to Toyota's assembly plant in Princeton, Indiana. In addition, several other Lear facilities will be supplying interior components for the Tundra.
As a result of this new business, Lear plans to establish Reyes Automotive Group, a new Minority Business Enterprise joint venture in partnership with Fernando Reyes, a Hispanic businessman from the San Antonio community. Lear currently supplies seats to Toyota through its Total Interior Systems – America joint venture with Toyota Boshoku as well as carpet products through its Amtex joint venture with Hayashi Telempu.
“Lear applauds Toyota for supporting our joint venture and reinforcing their commitment to develop minority business enterprises, said Bob Rossiter, Lear Chairman and Chief Executive Officer. “We are looking forward to the opportunity to work in partnership with Fernando Reyes to provide Toyota world class service, quality and delivery in supplying the next generation Toyota Tundra pickup.
Lear Corporation, a Fortune 500 company headquartered in Southfield,
Mich., USA, focuses on integrating complete automotive interiors,
including seat systems, interior trim and electrical systems. With
annual net sales of
$15.75 billion in 2003, Lear is the one of the world's largest automotive interior systems suppliers. The company's world-class products are designed, engineered and manufactured by more than 110,000 employees. At year end, Lear had 289 facilities located in 34 countries. Further information about Lear and its products is available on the Internet at www.lear.com.