Lear Corporation has announced that it has reached an agreement to establish two joint ventures with Comer Holdings, LLC, a minority business, for assembling, sequencing and manufacturing of automotive interior components to the automotive industry.
Go deeper with GlobalData
Comer Holdings acquired a 51% ownership interest in Bing Assembly Systems, LLC (BAS), the former joint venture between Lear and Bing Manufacturing Inc., as part of a reorganisation in which a Bing Group affiliate has acquired BAS’s Detroit plant.
The Detroit facility will continue to supply Lear with components under a long term supply agreement. In addition, Comer Holdings has agreed to assume a 51% ownership in JL Automotive (JLA), the former joint venture between Lear and Piston Automotive. Financial terms of the agreement were not disclosed.
Comer Holdings is a minority business wholly owned by Jim Comer, formerly president of North American Joint Ventures and Diversity at Lear, who recently retired from the company after 18 years of service. As the majority owner in Integrated Manufacturing and Assembly LLC (formerly BAS) and CL Automotive LLC (formerly JLA), Comer will oversee the operations of facilities in Brownstown and Highland Park, Mich., Newark, Del., and Berne, Ind., with approximately 900 employees and annual sales of about US$350 million.
“Jim Comer enjoyed a long and distinguished career at Lear and he is the perfect entrepreneurial partner at this point in his professional life,” said Bob Rossiter, Lear chairman and chief executive officer. “Given his strong relationships in the diverse supply base and the fact that he is a highly respected and accomplished executive, a joint venture is a natural evolution of his successful history of service to Lear.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
