Lear Establishes Joint Ventures with Comer Holdings, LLC
SOUTHFIELD, Mich., Feb. 2 /PRNewswire-FirstCall/
-- Lear Corporation (NYSE: LEA) today announced that it has reached an
agreement to establish two joint ventures with Comer Holdings, LLC, a
minority business, for assembling, sequencing and manufacturing of
automotive interior components to the automotive industry.
Comer Holdings acquired a 51% ownership interest in Bing Assembly
Systems, LLC (BAS), the former joint venture between Lear and Bing
Manufacturing Inc., as part of a reorganization in which a Bing Group
affiliate has acquired BAS's Detroit plant. The Detroit facility will
continue to supply Lear with components under a long term supply
agreement. In addition, Comer Holdings has agreed to assume a 51%
ownership in JL Automotive (JLA), the former joint venture between Lear
and Piston Automotive. Financial terms of the agreement were not
Comer Holdings is a minority business wholly owned by Jim Comer,
formerly president of North American Joint Ventures and Diversity at
Lear, who recently retired from the company after 18 years of service.
As the majority owner in Integrated Manufacturing and Assembly LLC
(formerly BAS) and CL Automotive LLC (formerly JLA), Comer will oversee
the operations of facilities in Brownstown and Highland Park, Mich.,
Newark, Del., and Berne, Ind., with approximately 900 employees and
annual sales of about $350 million.
"Jim Comer enjoyed a long and distinguished career at Lear and he is
the perfect entrepreneurial partner at this point in his professional
life," said Bob Rossiter, Lear Chairman and Chief Executive Officer.
"Given his strong relationships in the diverse supply base and the fact
that he is a highly respected and accomplished executive, a joint
venture is a natural evolution of his successful history of service to
Comer, a graduate of Wayne State University in Detroit, joined Lear
in 1987 as director of Quality and held various positions of increasing
responsibility until being named president of North American Joint
Venture Division in February 2000. He was given the added
responsibility for overseeing the company's diversity strategy in 2003.
Prior to joining Lear, Comer was employed by Mazda Motor Corporation
and also held various quality- related positions during a fifteen-year
career with General Motors Corporation.
Comer holds membership on various local, state and community boards
including Sinai-Grace Hospital and the Arts League of Michigan and is
chairman of the board for VIP Mentoring. In addition, he works with
various other charitable organizations and is a member of the Virgil H.
Carr Society for leadership giving and the Alexis de Tocqueville Society
for United Way. In 2003, Michigan Governor Jennifer Granholm appointed
Comer to the position of Commissioner on the Michigan Community
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 approximately $17
billion, Lear ranks #127 among the Fortune 500. The company's
world-class products are designed, engineered and manufactured by a
diverse team of more than 110,000 employees 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/ .
First Call Analyst:
SOURCE: Lear Corporation
CONTACT: Andrea Puchalsky, Director - Corporate Communications of Lear
Web site: http://www.lear.com/
Company News On-Call: http://www.prnewswire.com/comp/518304.html
Posted on 2/2/2006