Lear Completes Transaction to Issue $200 Million in Common Stock; Elects Vince Intrieri to Board of Directors
SOUTHFIELD, Mich., Nov. 9 /PRNewswire-FirstCall/ -- Lear Corporation (NYSE:
LEA), one of the world's largest automotive interior systems suppliers,
today announced it has completed a transaction to issue $200 million of
common stock in a private placement to affiliates of and funds managed
by Carl C. Icahn, following the receipt of regulatory clearance.
Additionally, Lear's Board of Directors has elected Vincent J. Intrieri
to its Board of Directors, effective immediately.
"We are pleased to welcome Vince Intrieri to Lear's Board of
Directors," said Bob Rossiter, Lear's chairman and chief executive
officer. "He brings a wealth of business experience and financial
acumen, and we look forward to working with him."
Vince Intrieri is a Senior Managing Director of Icahn Partners LP and
Icahn Partners Master Fund LP, private investment funds controlled by
Icahn and engaged in the business of holding and investing in
securities. He is a director of American Property Investors, Inc.,
American Railcar Industries, Inc., Viskase Companies, Inc., and XO
Holdings Inc. Mr. Intrieri is a certified public accountant and he
received a B.S. in Accounting from The Pennsylvania State University.
Lear Corporation is one of the world's largest suppliers of
automotive interior systems and components. Lear provides complete seat
systems, electronic products and electrical distribution systems and
other interior products. With annual net sales of $17.1 billion in
2005, Lear ranks #127 among the Fortune 500. Lear's world-class
products are designed, engineered and manufactured by a diverse team of
115,000 employees at 282 locations in 34 countries. Lear's headquarters
are in Southfield, Michigan, and Lear is traded on the New York Stock
Exchange under the symbol [LEA]. Further information about Lear is
available on the Internet at http://www.lear.com/ .
SOURCE: Lear Corporation
CONTACT: Mel Stephens of Lear Corporation, +1-248-447-1624
Web site: http://www.lear.com/
Company News On-Call: http://www.prnewswire.com/comp/518304.html
Posted on 11/9/2006