Home / Knowledge / News / Information Technology / Lear & Toyota Boshoku restructure joint venture
Lear & Toyota Boshoku restructure joint venture
13
Dec '08
Lear Corporation and Toyota Boshoku announced that they have agreed to restructure their current joint venture (JV) which supplies seating systems and other interior components to Toyota Motor Manufacturing Indiana for the Sienna minivan, built in Princeton, Indiana.

As part of the agreement, the existing joint venture will be dissolved with Lear receiving $35 million in cash in exchange for its minority interest in the JV. Lear will supply Toyota Boshoku with certain components for the Sienna minivan program and both parties will continue to compete directly for other business on a Tier 1 basis.

As part of the restructuring of their existing joint venture arrangement, Lear and Toyota Boshoku have also agreed to form a working group to jointly identify and pursue sourcing opportunities for certain seating components, including Lear's Pro Tec™ active head restraint system, as well as purchasing opportunities for key commodities such as steel, foam and textiles.

"Today's announcement represents an evolution of our partnership with Toyota Boshoku," said Bob Rossiter, Lear's chairman, CEO and president. "While our companies remain competitors, it makes sense for us to collaborate on certain product, technology and purchasing initiatives by leveraging each of our unique strengths for the benefit of our mutual customers."

"We are pleased to continue our relationship with Lear and we are looking forward to providing our customers with even better value as a result of the new agreement," said Toyota Boshoku President Dr. Shuhei Toyoda.

Toyota Boshoku, headquartered in Kariya City, Japan, is a global supplier of automotive interior and seating systems, filters, powertrain and other components for a variety of customers. It has revenues of more than $12 billion, with 35,000 team members and operations in more than 20 countries.

Lear Corporation is one of the world's leading suppliers of automotive seating systems, electrical distribution systems and related electronic products. The company's world-class products are designed, engineered and manufactured by a diverse team of 91,000 employees at 215 facilities in 35 countries.

Lear Corporation


Must ReadView All

Textiles | On 24th Jul 2017

Irani terms GST as a ‘great step towards transparency’

Union textiles minister Smriti Irani has termed the Goods and...

L-R: Dhanapal, JMD, Best Corporation; Prabhu Damodaran, Convenor, ITF; Narayanasamy, MD, Micro Cotspin; Senthilnathan, MD Rasitex India; and Sabapathy, MD, Prasanna Spinning Mills

Textiles | On 24th Jul 2017

TN mills seek partnership with cotton growing states

Spinning mills in Tamil Nadu are seeking stronger partnership with...

Textiles | On 24th Jul 2017

TEA urges Tamil Nadu govt to announce textile policy

The Tiruppur Exporters' Association (TEA) has urged the state...

Interviews View All

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X