- Lear Corp (NYSE:LEA) has signed a definitive agreement for a joint venture (JV) with Hu Lane Associate Inc, a manufacturer of automotive connector products. The financial terms of the JV were not disclosed.
- Lear will own a majority equity interest in the JV and will consolidate its financial results.
- The JV will be based initially in Yangzhou, China. The parties anticipate regulatory approval and appoint JV management during Q4 of 2021.
- Lear expects the JV to expand its vertical integration capabilities to engineer and produce a portfolio of connection systems products for current and future vehicle architectures offered by automotive manufacturers.
- Price Action: LEA shares closed lower by 0.69% at $146.17 on Tuesday.
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