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

Courtesy: Bangladesh Bank

Apparel/Garments | On 22nd May 2018

Bangladesh Bank enhances EDF loan limit to $25 million

Bangladesh Bank has enhanced the loan limit under Export Development...

Sri Lanka's textile imports up 32.5% in February 2018

Textiles | On 22nd May 2018

Sri Lanka's textile imports up 32.5% in February 2018

In what might be an indication of higher exports in the coming...

Provide power at Rs 8/kWh to textile units: APTMA

Textiles | On 22nd May 2018

Provide power at Rs 8/kWh to textile units: APTMA

All Pakistan Textile Mills Association (APTMA) has asked the...

Interviews View All

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

C Dhandayuthapani

MAG Solvics Private Limited was established in 1991 to design and develop...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Giorgio Mantovani
Corman S.p.A

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

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search