Vehicle interior systems manufacturer Lear Corporation has acquired a 29 percent stake in Hanyil Company Limited, a publicly-traded supplier of automotive seats with operations in South Korea. Terms of the agreement were not disclosed.
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Hanyil currently supplies seats to the Hyundai Group, its affiliate Kia Motors, and Ssangyong Motor and employs 200 people at its two manufacturing facilities in Kyungju and Ch’onan.
The company reported 2001 sales equivalent to $US64 million.
“Hanyil is a great strategic fit for Lear in that it immediately gives us a presence in Korea and allows us to expand our opportunities in this market over time,” said Asian OEM division senior vice president Randall Carron.
“Lear is well positioned to integrate any features into complete interior systems and we look forward to expanding that capability with the Korean OEMs globally.”
Lear APO division president Peter Kong will oversee activities related to the Hanyil acquisition through Lear’s sales and administrative offices in Seoul, Korea.
