Lear and Toyota Boshoku Restructure Joint Venture - aftermarketNews

Lear and Toyota Boshoku Restructure Joint Venture

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.

SOUTHFIELD, Mich. — Lear Corp. and Toyota Boshoku 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, Ind.

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.

You May Also Like

Rotary’s New XA12 Alignment Scissor Lift

Shops can offer alignment services with bay space to spare, and techs can perform alignments on a wider range of vehicles.

Rotary, part of Vehicle Service Group (VSG) and Dover, today announced the addition of the new XA12 Alignment Scissor Lift to its extensive line of automotive lifts for independent shop owners, dealership service departments and car enthusiasts.

The XA12 serves as the ideal small bay alignment lift solution with the largest 4-wheel alignment wheelbase range available in its class. With a 78- to 164-inch 4-wheel alignment wheelbase range and 12,000-pound lifting capacity, the XA12 is designed with space and flexibility in mind. Shops can offer alignment services with bay space to spare, and technicians can perform alignments on a wider range of vehicles.

GRI Receives US DOT Certification For Safety

GRI tires will now incorporate the DOT code emboss on its side walls.

Mevotech Adds 2,300+ New Original Grade Part Numbers

Highlights from the new Original Grade release include control arms and ball joints.

TCCI Manufacturing Unveils High-Voltage Electric Compressor

The 850V compressor, unveiled at MACS 2023, is available in 34cc/46cc/60cc/120cc.

BBB Industries Releases 28 Remy New Part Numbers 

The new part numbers cover more than 9.3 million vehicles.

Other Posts

Dayco Launches Electrically Controlled Water Pump Line

The new technology addresses a higher-than-normal failure rate with the OE pumps.

Engine Pro Honors S.A. Gear with Performance Award

S.A. Gear was recognized with a Fulfillment and Accuracy Award during Engine Pro’s annual supplier meeting.

Driven Brands Rings Nasdaq Closing Bell

CEO Jonathan Fitzpatrick rang the Nasdaq closing bell on Jan. 13, in honor of the company’s 2-year listing anniversary.

Nokian Tyres Invests $174M To Double Dayton Factory Production

Nokian’s Dayton factory expansion includes a 600,000-tire warehouse.