| Company Name |
Lear Corporation |
|
Year Established
|
1917
|
|
Chief Officer
|
Robert E. Rossiter (Chairman, CEO and President)
|
|
Address
|
21557 Telegraph Road, Southfield, MI 48033, USA
|
|
URL
|
|
|
Phone
|
+1-248-447-1500 +1-248-447-1500
|
|
FAX
|
+1-248-447-1722
|
|
Number of
Employees
|
Approx. 75,000 employees (As of Dec. 31, 2009)
|
|
Sales
|
9,739.6m USD (FY ended Dec. 31, 2009)
|
|
Shareholders
|
Listed on New York Stock Exchange
|
|
Overview
|
-A supplier of complete automotive seat systems and electrical power management systems
-The Company is organized in two segments: Seating and Electrical Power Management Systems.
-In July 2009, the Company filed for Chapter 11 bankruptcy protection. After four months, the Company emerged from the filing.
Competitors
| Seating |
Electrical Power Management Systems |
|
-Johnson Controls
-Faurecia
-Toyota Boshoku
-TS Tech
-Magna International
|
-Delphi
-Yazaki
-Sumitomo
-Leoni
|
Terminals and connectors
|
Automotive electronics
|
|
-Tyco Electronics
-Molex
-FCI
|
-Alps
-Bosch
-Continental
-Delphi
-Denso
-Hella
-Kostal
-TRW
-Tokai Rika
-Valeo
|
|
|
Products
|
Seating
Structure systems
Adjusters
Mechanisms
Foam
Leather
Fabric
Head restraints
Systems features
Electrical power management systems
High power electronics products
Power electronics
- H.V. battery monitoring system
- Traction Inverters
- Auxiliary Inverters
Power distribution
- Manual disconnect
- Connection systems
- Battery disconnect unit
Charging systems
- Wall-mount cord set
- Travel cord set
- On-board chargers
- Off-board chargers
Electric distribution systems
Terminals and connectors
Junction box
Wireless systems
Body electronics
Lighting
Audio
|
|
Customers
|
BMW, ChangAn, Chery, Chrysler, Daimler, Dongfeng, Fiat, First Autoworks, Ford, GAZ, Geely, GM, Honda, Hyundai, Isuzu, Jaguar, Land Rover, Mahindra & Mahindra, Mazda, Mitsubishi, Nissan, Porsche, PSA, Renault, Saab, Subaru, Suzuki, Tata, Toyota, Volkswagen, Volvo
|
Sales Ratio to Major Customer
|
(%)
|
| Customer |
FY2009 |
FY2008 |
FY2007 |
|
General Motors
|
Approx. 20
|
23.1
|
28.8
|
|
Ford Motor
|
Approx. 19
|
19.1
|
20.6
|
|
BMW
|
Approx. 12
|
11.5
|
9.9
|
|
Total
|
Approx. 51
|
53.7
|
59.3
|
|
|
Certifications/
Awards
|
Certifications
-ISO 14001
Awards
| Year |
Award |
Company |
Subsidiary/Facility |
|
2008
|
Supplier of the Year
|
GM
|
-
|
|
2008
|
World Excellence Award - Silver Award
|
Ford
|
Canada
|
|
2008
|
World Excellence Award - Silver Award
|
Ford
|
USA
|
|
2008
|
World Excellence Award - Silver Award
|
Ford
|
Belgium
|
|
2008
|
Volkswagen Group Award
|
Volkswagen
|
-
|
|
2008
|
Excellent Service and Outstanding Performance
|
Hyundai
|
USA
|
|
2007
|
Supplier of the Year
|
GM
|
-
|
|
2007
|
100% Delivery Performance
|
GM
|
India
|
|
2007
|
World Excellence (Gold) Award for Seats
|
Ford
|
Belgium
|
|
2007
|
Company Award - Interior category
|
Ford
|
Brazil
|
|
2007
|
Recognition of Achievement for Consumer Driven Six Sigma
|
Ford
|
Canada
|
|
2007
|
Q1 Supplier Award to GST
|
Ford
|
Thailand
|
|
2007
|
Outstanding Effort in Design Engagement
|
Ford
|
Europe
|
|
2007
|
World Excellence (Silver) Award for Seats
|
Ford
|
Canada
|
|
2007
|
VW Group Award for Excellence in Development
|
Volkswagen
|
Mexico
|
|
2007
|
Superior Supplier Diversity
|
Toyota
|
-
|
|
2007
|
Excellent Quality
|
Toyota
|
USA
|
|
2007
|
Quality Achievement Performance
|
Toyota
|
Argentina
|
|
2007
|
2006 Supplier Partner Award for Seating Systems
|
Fiat
|
-
|
|
2007
|
Qualitas Best Supplier Award
|
Fiat
|
Italy
|
|
2007
|
Super Cost Reduction Award
|
Fiat
|
Brazil
|
|
2007
|
Recognition for General Performance
|
Fiat
|
Brazil
|
|
2007
|
Excellent Support in Product Design
|
Fiat
|
-
|
|
2007
|
Supplier Award for with Greatest Potentiality
|
Geely
|
China
|
|
2007
|
Outstanding Supplier Performance
|
Porsche
|
Germany
|
|
2007
|
Achievement Award
|
Chrysler
|
USA
|
|
2007
|
EBSC Award - Performance Excellence, Wiring Harnesses
|
DaimlerChrysler
|
-
|
|
2007
|
Outstanding Performance in Quality and Delivery
|
DaimlerChrysler
|
South Africa
|
|
2006
|
Special Recognition for Design Engagement
|
Ford
|
Europe
|
|
2006
|
Excellence in Quality & Development
|
Volkswagen
|
Mexico
|
|
2006
|
Value Engineering Award
|
Mazda
|
-
|
|
2005
|
"Best-In-Class" Launch & Execution
|
GM
|
-
|
|
2005
|
Supplier of the Year
|
GM
|
-
|
|
2005
|
Corporate Citizenship Award
|
Ford
|
-
|
|
2005
|
Supplier Award of Excellence
|
Ford
|
-
|
|
2005
|
Special Recognition Award for Customer Service
|
Ford
|
-
|
|
2005
|
Supplier of the Year
|
Volkswagen
|
South Africa
|
|
2005
|
Best Quality & Among Top 3 in Cost Reduction
|
Volkswagen
|
Brazil
|
|
2005
|
Delivery and Quality Performance
|
Honda
|
-
|
|
2005
|
Superior Supplier Diversity & Excellence in Quality
|
Toyota
|
-
|
|
2005
|
Supplier Performance Award of the Year for Product Development
|
Mahindra &
Mahindra
|
-
|
|
|
Highlights FY2009
(FY ended Dec. 31,
2009)
|
|
Financial Overview
|
(in million dollars)
|
|
FY2009 |
FY2008 |
Rate of chang (%) |
Factors |
|
Overall
|
|
Net Sales
|
9,739.6
|
13,570.5
|
(28.2)
|
-
|
|
Gross Profit
|
360.2
|
747.6
|
(51.8)
|
-
|
|
Seating
|
|
Net Sales
|
7,812.9
|
10,726.9
|
(27.2)
|
-Lower industry production volumes in North America and Europe, as well as the impact of net foreign exchange rate fluctuations, negatively impacted net sales by $2,500 million and $355 million, respectively.
|
|
Electrical Power Management Systems
|
|
Net Sales
|
1,926.7
|
2,843.6
|
(32.2)
|
-Lower industry production volumes in North America and Europe, as well as the impact of net foreign exchange rate fluctuations, negatively impacted net sales by $687 million and $50 million, respectively.
|
Chapter 11
-In July 2009, the Company announced that it has filed for Chapter 11 bankruptcy protection. The filing covers its U.S. and Canadian operations. Subsidiaries outside the U.S. and Canada are not part of the filings. According to the Company, it has already secured support from a majority of its creditors on the reorganization plan. (From a press release on July 7, 2009)
-In Nov. 2009, the Company announced that the United States Bankruptcy Court has confirmed its Plan of Reorganization, clearing the way for the company to exit from Chapter 11 after four months. (From a press release on Nov. 5, 2009)
Joint Ventures
-The Company announced that it will start production in Thailand and India, jointly with Tachi-S Co., Ltd., a major seat system supplier. They will establish new companies in both countries in Aug. 2009 to start mass-producing seats for the Nissan's ultra mini A-platform vehicle in 2010, Their joint ventures, named TACLE Seating, have successfully supplied seats to Nissan's overseas plants from Tennessee, U.S.A. and Tyne and Wear County, U.K. The two new plants will bring the total TACLE Seating joint ventures to four. TACLE Seating Thailand Co., Ltd., Rayong, will be capitalized at approx. 470 million yen, 51% held by the Company (Mauritius) Ltd. and 49% held by Tachi-S. The total investment by Tachi-S will be 230 million yen. Production is scheduled to start in February 2010. (From an article in the Nikkan Jidosha Shimbun on Jul 27, 2009)
|
|
Employees
|
| Region |
FY2009 |
FY2008 |
FY2007 |
|
U.S. & Canada
|
Approx. 5,000
|
Approx. 8,000
|
Approx. 12,000
|
|
Mexico & Central America
|
Approx. 26,000
|
Approx. 27,000
|
Approx. 34,000
|
|
Europe
|
Approx. 27,000
|
Approx. 29,000
|
Approx. 31,000
|
|
Others
|
Approx. 17,000
|
Approx. 16,000
|
Approx. 14,000
|
|
Total
|
Approx. 75,000
|
Approx. 80,000
|
Approx. 91,000
|
|
|
Facilities
|
Manufacturing Facilities and Assembly Sites (As of Dec. 31, 2009)
Global (160)
>>>Locations
|
|
Subsidiaries/
Affiliates
|
Major Subsidiaries and Affiliates (As of Dec. 31, 2009)
| Company |
Country |
RAtio of ownership (%) |
|
Shanghai Lear STEC Automotive Parts Co., Ltd.
|
China
|
55
|
|
Lear Shurlok Electronics (Proprietary) Limited
|
South Africa
|
51
|
|
Industrias Cousin Freres, S.L.
|
Spain
|
50
|
|
Lear Dongfeng Automotive Seating Co., Ltd.
|
China
|
50
|
|
Dong Kwang Lear Yuhan Hoesa
|
Korea
|
50
|
|
Lear Jiangling (Jiangxi) Interior Systems Co. Ltd.
|
China
|
50
|
|
Beijing BAI Lear Automotive Systems Co., Ltd.
|
China
|
50
|
|
Beijing Lear Automotive Electronics and Electrical Products Co., Ltd.
|
China
|
50
|
|
Honduras Electrical Distribution Systems S. de R.L. de C.V.
|
Honduras
|
49
|
|
Kyungshin-Lear Sales and Engineering LLC
|
USA
|
49
|
|
Tacle Seating USA, LLC
|
USA
|
49
|
|
TS Lear Automotive Sdn Bhd.
|
Malaysia
|
46
|
|
Beijing Lear Dymos Automotive Systems Co., Ltd.
|
China
|
40
|
|
UPM S.r.L.
|
Italy
|
39
|
|
Hanil Lear India Private Limited
|
India
|
35
|
|
Markol Otomotiv Yan Sanayi VE Ticaret A.S.
|
Turkey
|
35
|
|
International Automotive Components Group, LLC
|
Europe
|
34
|
|
Furukawa Lear Corporation
|
USA
|
20
|
|
International Automotive Components Group North America, LLC
|
USA
|
19
|
|
|
Financial Data
(Selected)
|
|
|
Sales by Segment
|
(in million dollars)
|
|
FY2009
|
FY2008
|
FY2007
|
|
Seating
|
7812.9
|
10,726.9
|
12,206.1
|
|
Electronic & Electrical
|
1926.7
|
2,843.6
|
3,100.0
|
|
Interior
|
-(*)
|
-(*)
|
688.9
|
|
Total
|
9739.6
|
13,570.5
|
15,995.0
|
* The Company completed the divestiture of its interior business in the first quarter of 2007.
|
|
Sales by Vehicle Categories
|
(%)
|
|
Categories
|
FY2009
|
FY2008
|
FY2007
|
|
Light truck
|
Sport Utility
|
N.A.
|
N.A.
|
35
|
21
|
42
|
23
|
|
Pickup and
other light trucks
|
N.A.
|
14
|
19
|
|
Car
|
Mid-size
|
N.A.
|
N.A.
|
65
|
28
|
58
|
24
|
|
Compact
|
N.A.
|
22
|
19
|
|
Luxury/Sport
|
N.A.
|
13
|
13
|
|
Full-size
|
N.A.
|
2
|
2
|
|
Total
|
N.A.
|
100
|
100
|
|
|
Sales by Geographic Area
|
(in million dollars)
|
|
FY2009 |
FY2008 |
FY2007 |
|
United States
|
1,595.2
|
2,820.0
|
4,526.8
|
|
Canada
|
238.6
|
716.3
|
1,148.8
|
|
China
|
903.5
|
520.3
|
428.5
|
|
Germany
|
1,937.5
|
2,516.0
|
2,336.9
|
|
Mexico
|
1,030.5
|
1,337.4
|
1,542.8
|
|
Other countries
|
4,034.3
|
5,660.5
|
6,011.2
|
|
Total
|
9,739.6
|
13,570.5
|
15,995.0
|
|
