Lear Stock

Lear Corporation (Lear) operates as a global automotive technology leader in Seating and E-Systems, enabling superior in-vehicle experiences for consumers around the world.

The company supplies complete seat systems, key seat components, complete electrical distribution and connection systems, high-voltage power distribution products, including battery disconnect units (BDUs), low-voltage power distribution products, electronic controllers and other electronic products to all of the world's major automotive manufacturers. At Lear, the company is Making every drive better by providing technology for safer, smarter and more comfortable journeys.

The company continues to grow its business in every major automotive producing region of the world, both organically and through complementary acquisitions.

Segments

The company operates through two segments, Seating and E-Systems.

Seating segment

Seating segment consists of the design, development, engineering and manufacture of complete seat systems and key seat components. The company’s capabilities in operations and supply chain management enable synchronized assembly and just-in-time delivery of complex complete seat systems at high volumes to its customers.

As the most vertically integrated global seat supplier, the company’s key seat component product offerings include seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; thermal comfort systems such as seat heating, ventilation, active cooling, pneumatic lumbar and massage products; and headrests. All of these products are compatible with traditional internal combustion engine (ICE) architectures and electrified powertrains, including the full range of hybrid, plug-in hybrid and battery electric architectures. The company’s thermal comfort systems are facilitated by its seat system, component and integration capabilities, together with its competencies in electronics, sensors, software and algorithms.

E-Systems — The company’s E-Systems segment consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems; high-voltage power distribution products, including BDUs; and low-voltage power distribution products, electronic controllers and other electronic products. These capabilities enable the company to provide its customers with customizable solutions with optimized designs for both low-voltage and high-voltage vehicle architectures.

Electrical distribution and connection systems utilize low-voltage and high-voltage wire, high-speed data cables and flat wiring to connect networks and electrical signals and manage electrical power within the vehicle for all types of powertrains – from traditional ICE architectures to the full range of electrified powertrains that require management of higher voltage and power. Key components of the company’s electrical distribution and connection systems portfolio include wire harnesses, terminals and connectors, high-voltage battery connection systems and engineered components. High-voltage battery connection systems include intercell connect boards, bus bars and main battery connection systems. High-voltage power distribution products control the flow and distribution of high-voltage power throughout electrified vehicles and include BDUs which control all electrical energy flowing into and out of high-voltage batteries in electrified vehicles. Low-voltage power distribution products, electronic controllers and other electronic products facilitate signal, data and/or power management within the vehicle and include the associated software required to facilitate these functions. Key components of the company’s other electronic products portfolio include zone control modules, body domain control modules and low-voltage and high-voltage power distribution modules. The company’s software offerings include embedded control, cybersecurity software and software to control hardware devices. The company’s customers traditionally have sourced its electronic hardware together with the software that it embed in it.

The company serves all of the world's major automotive manufacturers through both its Seating and E-Systems businesses, and it has automotive content on more than 475 vehicle nameplates worldwide. It is common for it to have both seating and electrical and/or electronic content on the same vehicle platform.

The company’s businesses benefit globally from leveraging common operating standards and disciplines, including world-class product development and manufacturing processes, as well as common customer support and regional infrastructures, all of which contribute to its reputation for operational excellence. The company’s core capabilities are shared across component categories and include high-precision manufacturing and assembly with short lead times, complex, global supply chain management, global engineering and program management, the agility to establish and/or transfer production between facilities quickly, and a unique, customer-focused culture. In select instances, the company is able to manufacture both Seating and E-Systems components in the same facility. The company’s businesses also utilize proprietary, industry-specific processes and standards, leverage common low-cost engineering centers and share centralized operating support functions. These functions include health and safety, logistics, quality, supply chain management and all major administrative functions, such as corporate finance, executive administration, human resources, information technology and legal. The company continues to build on its reputation for operational excellence through investment in Industry 4.0 technologies. Industry 4.0 refers to the current era of digital transformation in manufacturing. It involves the integration of new technologies, such as Industrial Internet of Things (IIoT), cloud computing, artificial intelligence (AI), machine learning and advanced automation, into production facilities and business operations. These technologies enable smart and automated machines and smart factories to communicate, analyze and optimize processes and products, resulting in higher efficiency, quality and responsiveness to customers.

Strategy

The key elements of the company’s strategy are to extend its market leadership position in Seating with priceable features; transform its E-Systems business through accelerated growth in connection systems, vehicle architecture evolution and electrification; and build on its reputation for operational excellence through investment in Industry 4.0 technologies.

Seating segment

Lear is a recognized global leader in complete seat systems. The company is also a recognized leader in key individual seat components produced for complete seat systems.

The company’s Seating segment consists of the design, development, engineering, assembly and just-in-time delivery of complete seat systems, as well as all major seat components, including seat trim covers; surface materials such as leather and fabric; seat mechanisms; seat foam; thermal comfort systems, such as seat heating, ventilation, active cooling, pneumatic lumbar and massage products; and headrests. The company’s extensive system-level knowledge and component-level capabilities, including internal development of sensor and control algorithms, have provided a strong foundation for innovation and commercialization of thermal comfort systems and convenience features. The company’s comprehensive set of component offerings, it is a leader in the global market. Overall, the company’s global manufacturing and engineering expertise, low-cost footprint, complete component capabilities, quality leadership and strong customer relationships provide it with a catalyst for both organic and inorganic growth opportunities to enable it to reach its mid-term target global market share of 29% in complete automotive seat systems.

The company produces seat systems that are fully assembled and ready for installation in light vehicles globally. Seat systems are generally designed and engineered for specific vehicle models or platforms. The company develops seat systems and components for all vehicle segments from compact cars to pick-up trucks and full-size sport utility vehicles. The company is the world leader in luxury and performance automotive seating, providing craftsmanship, elegance in design, use of innovative materials and industry-leading technology required by premium brands and vehicles, including those produced by Alfa Romeo, Aston Martin, Audi, BMW, Cadillac, Chevrolet, Ferrari, GMC, Jaguar, Lamborghini, Land Rover, Lincoln, Maserati, Mercedes-Benz, NIO, Polestar, Porsche and Volvo.

The company is executing on its strategy to extend its leadership position in the market through unique product offerings and selective vertical integration. The company’s acquisition of Kongsberg ICS provided it with capabilities in seat massage, lumbar, heating and ventilation. The company’s acquisition of IGB provided it with capabilities in seat heating, ventilation and active cooling, steering wheel heating, seat sensors and electronic control modules. ConfigurE+ is a wireless powered rail system that allows for easy repositioning of seats within vehicles. Further, selective vertical integration of key seat components is enhancing growth and increasing profitability, as well as improving quality. In this regard, the company has developed standardized seat mechanisms that can be used across multiple vehicle programs to minimize investment costs. The company’s seat mechanisms are developed and manufactured in key locations to supply every major automotive producing region in the world.

The company’s seat cover operations have continued to expand in markets, including precision cutting, assembly, sewing and lamination. The company’s acquisition of Eagle Ottawa provided it an industry-leading market share in automotive leather globally. The company’s capabilities in leather design, development and manufacturing allow it to deliver the most luxurious, durable and performance-tested leathers to its customers. The company’s acquisition of Guilford Mills provided it with Guilford Performance Textiles, a line of automotive seat and interior fabrics. On a global basis, the company can provide a full range of seat cover capabilities, including design and surface coating solutions, as well as unique leather and fabric applications.

The company’s sustainability efforts leverage available technology to replace certain petroleum-based products with more sustainable alternatives, such as SoyFoam and, more recently, FlexAir, its 100% recyclable non-foam alternative that is anticipated to reduce both CO2 emissions and mass as compared to traditional foam offerings, as well as improve breathability, resulting in better performance. In addition, the company has focused development efforts on commercializing a range of fabrics that contain recycled, renewable or recyclable yarns that reduce its environmental impact.

Thermal Comfort Systems

The company’s thermal comfort systems consist largely of seat heating, ventilation, active cooling, pneumatic lumbar and massage products, together with other thermal products such as panel and steering wheel heating. The company’s thermal comfort systems strategy consists of three phases: business integration, component modularity and delivery of the most efficient and feature-packed seat in the industry. The company’s recent acquisitions of Kongsberg ICS and IGB further expanded its unique capabilities with experienced engineering and manufacturing leaders to accelerate the execution of its thermal comfort systems strategy and provides purchasing, logistics, administrative and footprint synergies. Through component modularity efforts, the company is innovating and enhancing product design by combining multiple functions that were previously provided across multiple components into modular solutions. Traditionally, heating, ventilation, lumbar and massage products have been designed as independent systems in a multi-layered model. The company has designed a single module that combines these thermal comfort features and uses fewer parts. This module provides a more efficient system, reduces complexity, improves packaging size and delivers significant performance improvements. Finally, the company has leveraged all of its complete seat systems and seat component expertise and capabilities to develop a complete thermal comfort system that combines its thermal comfort module, FlexAir and the seat trim cover.

Advanced Seating Craftsmanship and Innovation

The company’s broad capabilities, including advanced design and material integration skills, provide it with a competitive advantage. The company is leveraging its unique position to be an industry leader in design and facilitating customer interactions with designers and engineers working collaboratively to create innovative solutions early in the design process. The breadth of the company’s portfolio and depth of its design expertise allows it to better integrate all seat components and bring innovative designs into production with the highest level of craftsmanship, providing differentiated design comfort, quality and overall value to the end consumer. The company’s unmatched component capabilities, design expertise, global manufacturing presence, and portfolio of enabling and sustainable technologies provide a unique value proposition to its customers and will drive market share gains for its business.

Intelligent Seating (INTU Seating)

The seat offers a direct connection between the driver, passengers and vehicle systems. The company’s development of INTU technologies provides the driver and passengers with intelligent, intuitive seat system options that offer advanced comfort solutions, including thermal products, as well as configurable seating product technologies. The company’s extensive knowledge in consumer ergonomics and comfort, in combination with its electronics capabilities, facilitated the development of its INTU seat features, which are capable of being programmed to identify certain key occupant inputs and automatically adjust the appropriate seat parameters to provide consumers with a better, highly personalized, in-vehicle experience.

The company’s INTU Comfort features were developed to improve comfort throughout long drives. Derived from the company’s research, INTU Comfort deploys proprietary technology and in-house developed analytical processes to identify the optimal seat position for the occupant given certain conditions. For example, on extended trips, the lumbar support is continuously adjusted for optimal comfort, and seat bolsters automatically adjust during sharp curves to provide the driver with optimal support. The company has developed and designed efficiencies into individual seat components and full system integration to outperform existing systems. Continued advancements in INTU Thermal Comfort are targeted to optimize the overall thermal performance of the vehicle interior, which may reduce energy consumption for vehicles with ICE architectures, as well as those with electrified powertrains.

Configurable Seating Architecture (ConfigurE+)

Through its ConfigurE+ configurable seating architecture, the company is able to provide flexible seat positioning while offering consumers advanced seat features and functions. Winner of an Automotive News PACE Award in 2019, ConfigurE+ with its configurable powered rail system enables selective seat positioning and seat removal for virtually limitless configurations while maintaining the functionality of the seat's electronic features. By providing power without a wire harness, seats can be easily removed for cargo management, and vehicle cabins can be quickly customized, providing flexibility for personal, autonomous, ride-share and public transportation needs. Further, the potential market for ConfigurE+ includes commercial trucks as well as light vehicles.

Other Core Capabilities

With capabilities unmatched by any seat supplier in the industry, the company is consistently produce world-class seat systems to meet or exceed the expectations of every type of driver and passenger. The company’s designs incorporate intelligent features, and its patented modular sub-assemblies with embedded technologies have the potential to transform the seating market.

The company maintains state-of-the-art testing, instrumentation and data analysis capabilities. The company has in-house, industry-leading seat validation test centers featuring crash worthiness, durability and full acoustic and sound quality testing capabilities. Together with computer-controlled data acquisition and analysis capabilities, these centers provide precisely controlled laboratory conditions for sophisticated testing of parts, materials and systems. In addition, the company incorporates many convenience, comfort and safety features into its designs, including advanced whiplash prevention concepts, integrated restraint seat systems and side impact airbags. The company also invests in its computer-aided engineering design and computer-aided manufacturing systems to facilitate a more efficient design process.

The company’s core capabilities extend into key seat components as well, including:

Leather and Fabric – The company delivers the most luxurious, durable and performance-tested leathers to more automotive brands globally than any other automotive leather supplier, while promoting sustainable and responsible sourcing practices. The company’s premium leathers are designed for seamless integration with its industry-leading secondary operations, exceeding customer expectations for quality and service. The company’s Eagle Ottawa premium leather group has developed and launched, in both Europe and North America, a new technology that allows for the creation of highly customizable designs with new levels of definition and pillowing, improving the comfort and style of the seat while enabling the necessary air flow for ventilated seats. Additionally, the company’s proprietary anti-soiling performance leather finishing technology, AnsoleTM, improves durability and protects against staining and fading.

With respect to fabrics, the company has focused development efforts on commercializing a range of fabrics that contain recycled, renewable or recyclable yarns that reduce its environmental impact. These fabrics include its ReNewKnit sustainable sueded alternative material that is fully recyclable at its end of life and composed of 100% recycled plastic bottles, which is scheduled to launch with a global automotive manufacturer in 2024. The company’s branded TeXstyle surface material coatings and treatment technologies enhance cleanability by releasing and repelling stains; prevent the growth of bacteria and mildew through the addition of antimicrobial treatments, including silver ion technologies; protect fabric against water and oil-based stains; minimize soiling of light colors; and are anti-static and anti-dusting.

Seat Mechanisms – The company supplies world-class front and rear seat systems, recliners, tracks, latches and other products in a scalable modular family. The company’s seat architectures are a core component of its industry-leading vertical integration capabilities around the world. Smaller, low-weight and low-noise materials deliver high performance, safety and functionality.

The company’s high-speed smart fold technology is a folding adjustment mechanism that delivers premium convenience while maintaining leading safety and comfort benefits. The company’s mini recliners and micro adjust tracks are seat mechanisms that provide precision movement and facilitate interior packaging space flexibility. The company’s ECO Structures utilize an innovative hub and spoke concept offering economic solutions for developing markets.

Zero Gravity Seat – Zero gravity seats (i.e., seats designed to replicate the sensation of weightlessness) have become increasingly more important in the local China market as they provide an enhanced comfort experience for the second row occupants. The company has developed a zero gravity seat for second row occupants that includes a 65 degree recline, a raising calf rest for lower leg support, an adaptive arm rest and occupant body pressure distribution, together with various comfort features, including integrated pneumatic neck support and heated back massage. Production for its first award is expected to launch in 2024.

Foam and Comfort – The company’s highly engineered low-profile foam, low-emission foam and its first-to-market, U.S.-sourced SoyFoam are break-through innovations in comfort, safety and sustainability. The company’s FlexAir technologies offer a 100% recyclable non-foam alternative to traditional foam.

Customers

The top five customers of the company’s Seating segment are: General Motors, Mercedes-Benz, Stellantis, Volkswagen and Ford.

Competition

The company’s primary competitors in this segment globally are Adient plc, Forvia SE, Magna International Inc., Toyota Boshoku Corporation, TS Tech Co., Ltd. and Yanfeng Automotive Systems Co., Ltd., which have varying market presence depending on the region, country or automotive manufacturer. Toyota Motor Corporation and Honda Motor Co. Ltd. hold equity ownership positions in Toyota Boshoku Corporation and TS Tech Co., Ltd., respectively.

E-Systems segment

E-Systems segment consists of the design, development, engineering and manufacture of complete electrical distribution and connection systems; high-voltage power distribution products, including BDUs; and low-voltage power distribution products, electronic controllers and other electronic products for light vehicles globally. The company is a leader in signal distribution and power management within the vehicle for all types of powertrains – from traditional ICE architectures to the full range of electrified powertrains. The company’s expertise and product portfolio support new vehicle electrical architectures, including the adoption of high-voltage electrified vehicle architectures and the transition to zone-based vehicle electrical architectures. The company is expanding its capabilities and introducing new product lines, primarily within its electrical distribution and connections systems business and including intercell connect boards, BDUs, engineered components, high-voltage wire, high-speed data cables and zone control modules.

In its E-Systems business, the electrification of the vehicle powertrain adds significant content per vehicle for its products, including high-voltage wire harnesses, high-voltage battery connection systems (intercell connect boards, bus bars and main battery connection systems) and BDUs. Higher performance and larger format electrified vehicles, including trucks and SUVs, as well as electrified vehicles with longer range, further increase content per vehicle and aligns favorably with the company’s products, including high power-to-size ratio terminal systems, high performance BDUs and intercell connect boards.

In addition, the continuing evolution of the vehicle electrical architecture is introducing more highly integrated power management and control electronics (or zone control modules) and greatly expanding the use of high-speed data within the vehicle. The company’s customers are adopting these new architectures on both ICE and electrified powertrains to enable continued integration of more electrical and electronic content and to enable future software-defined functionality. These market demands align favorably with the company’s expertise in zone control modules and high-speed data cables. The company’s component designs consider the performance of the complete architecture, creating superior value for its customers.

Electrical Distribution and Connection Systems

Electrical distribution and connection systems route network and electrical signals and manage electrical power within the vehicle for all types of powertrains, including traditional ICE architectures and the full range of electrified powertrains, supporting the current industry trend toward electrification. Key components of electrical distribution and connection systems include wire harnesses, terminals and connectors, high voltage battery connection systems and engineered components for both ICE architectures and electrified powertrains that require management of higher voltage and power.

Wire harness assemblies, together with connection systems, link all of the various electrical and electronic devices within the vehicle to each other and/or to a power source. The company’s wire harnesses provide low-voltage (12 volts and 48 volts) and high-voltage (60 volts – 800 volts) power distribution. Low-voltage wire harnesses are used on all light duty vehicles, and high voltage wire harnesses are used on vehicles with electrified powertrains. Wire harness assemblies are a collection of individual circuits fabricated from raw and insulated wire, which is automatically cut to length and terminated during the manufacturing process. Individual circuits are assembled together, inserted into connectors and wrapped or taped to form wire harness assemblies.

Connection systems include terminals and connectors, high-voltage battery connection systems and engineered components that join wire harnesses together at their respective end points or connect electronic devices to wire harnesses. Connection systems can vary significantly in size and complexity depending on the amount of power or data being transferred and the number of connections being made at any particular point in the electrical distribution system. Connection systems support both low-voltage and high-voltage power distribution. Low-voltage connection systems are used on all light duty vehicles and high-voltage connection systems are used on vehicles with electrified powertrains. The company’s connection systems are produced using highly automated processes, including stamping, injection molding and automated assembly processes. In 2021, the company entered into a partnership with Hu Lane Associate Inc., a world-class manufacturer of automotive connector products, to expand its business opportunities in connection systems through access to a broader catalog of product-enabling solutions for its customers. The company’s connection systems are manufactured in Germany, the Czech Republic, Morocco, China and the United States. Key material inputs to the company’s connection systems business include metals, such as copper and aluminum, and various resins.

High voltage battery connection systems consist of stamped and molded components and assemblies that provide connections between battery cells, from the battery pack to the vehicle electrical architecture, and between other electrical components within the high-voltage battery pack. High-voltage battery connection systems can vary in size and design to accommodate various high-voltage battery architectures and enable safe and efficient electrified powertrain battery packs. Specific products include intercell connect boards, bus bars and main battery connection systems. These products are produced using highly automated processes, including stamping, bending, molding and assembly. The company’s established capabilities in connection systems and engineered components facilitate its ability to produce these products. The company’s high-voltage battery connection systems are produced in Germany, the United States, the Czech Republic, Mexico and China. Key material inputs to the company’s high-voltage battery connection systems business include metals, such as copper, aluminum, and steel, and various resins.

Engineered components consist of molded components included in wire harness assemblies. These components perform specific functions, such as protection, routing, sealing or covering, to ensure that the wire harness assembly properly performs its function. In 2021, the company acquired M&N Plastics, a privately owned injection molding specialist and manufacturer of engineered plastic components for automotive electrical distribution applications, which enabled the significant expansion of its footprint and capabilities with respect to engineered components. Engineered component capabilities are a significant contributor to vertically integrated product assemblies and enable business growth across electrical distribution and connection systems and its Seating business due to increased control of product cost and quality, as well as the supply chain. Engineered components are applicable to all vehicle architectures and are produced using molding processes. The company’s engineered components are manufactured in Germany, the Czech Republic, Morocco, China and the United States. Key material inputs to its engineered components are various resins.

High-Voltage Power Distribution Products, including BDUs

In its E-Systems segment, the company also designs, develops, engineers and manufactures high-voltage power distribution products, including BDUs. These products control the flow and distribution of high-voltage power throughout electrified vehicles and include BDUs which control all electrical energy flowing into and out of high-voltage batteries in electrified vehicles. More than fifteen years of experience in high-voltage power distribution products, together with the company’s expertise in areas integral to the performance of BDUs, such as power and thermal management and electrical architecture integration, have contributed to its well-established market position and its ability to effectively and competitively supply BDUs. High-voltage power distribution products are applicable to all electrified powertrain vehicles, but the size, complexity and configuration can vary widely dependent upon the power requirements of individual vehicle platforms. The company’s high-voltage power distribution products are manufactured in Mexico, China, Spain and Morocco. Key material inputs to its high-voltage power distribution products include metals, including copper and aluminum, various resins, and power components, such as fuses, e-fuses and contactors.

Low-Voltage Power Distribution Products, Electronic Controllers and Other Electronic Products

In its E-Systems segment, the company also designs, develops, engineers and manufactures low-voltage power distribution products, electronic controllers and other electronic products that control various functions and power distribution within the vehicle. The company’s electronic product offerings include zone control modules, body domain modules and low-voltage power distribution units. These units are typically purchased with embedded software to manage vehicle functions, control power distribution and ensure vehicle network connection. The company assembles these modules using specialized, high-speed surface mount placement equipment and assembly processes in Mexico, Europe, Northern Africa and China.

Customers

The top five customers of the company’s E-Systems segment are: Ford, Geely (including Polestar and Volvo), Renault-Nissan, Jaguar Land Rover and Volkswagen.

Competition

The company’s major competitors in electrical distribution and connection systems include Aptiv PLC, Leoni AG, Molex Incorporated (a subsidiary of Koch Industries Inc.), Sumitomo Corporation, TE Connectivity and Yazaki Corporation. The company’s major competitors in BDUs include Contemporary Amperex Technology Co. Limited, Delta Electronics, Inc., LG Energy Systems, Ltd., Panasonic Holdings Corporation and Yazaki Corporation. The company’s major competitors in other electronic products include Aptiv PLC, Continental AG, Denso Corporation, Harman International Industries, Incorporated (a subsidiary of Samsung Electronics Co. Ltd.), Hella (a subsidiary of Forvia SE), Robert Bosch GmbH, Valeo S.A. and Visteon Corporation.

Customers

In 2023, General Motors, one of the largest automotive and light truck manufacturers in the world, accounted for 20% of the company’s net sales. In addition, Ford and Volkswagen each accounted for 11%, and Mercedes-Benz and Stellantis each accounted for 10%, of the company’s 2023 net sales. Through acquisitions and organic growth, the company strives to diversify its customer base to be reflective of the evolving regional markets in which it operates. The company supplies and has expertise in all vehicle segments of the automotive market. The company’s sales content tends to be higher on those vehicle platforms and segments which offer more features and functionality.

The company’s customers award business to their suppliers in a number of ways, including the award of complete systems, which allows suppliers either to manufacture components internally or to purchase components from other suppliers at their discretion. Certain of the company’s customers also elect to award certain components directly to component suppliers and independent of the award of the complete system. The company has selectively expanded certain of its product offerings and component capabilities.

The company’s customers typically award contracts several years before actual production is scheduled to begin. Each year, the automotive manufacturers introduce new models, update existing models and discontinue certain models and, periodically, even complete brands.

The company receives purchase orders from its customers that generally provide for the supply of a customer's annual requirements for a particular vehicle model and assembly plant, or in some cases, for the supply of a customer's requirements for the life of a particular vehicle model, rather than for the purchase of a specified quantity of products. The company’s net sales for the year ended December 31, 2023, consisted of 27% passenger cars, 54% crossover and sport utility vehicles and 19% trucks and vans.

Intellectual Property

Worldwide, the company has approximately 2,600 patents and patent applications pending. The company has numerous registered trademarks in the United States and in many foreign countries. The most important of these marks include LEAR CORPORATION (including its stylized version thereof) and LEAR, which are widely used in connection with its products and services. The company’s other principal brands include GUILFORD and EAGLE OTTAWA. ConfigurE+ seating, FlexAir non-foam alternative, INTU seating, ProTec active head restraints, ReNewKnit fabrics, SMART JUNCTION BOX technology, SoyFoam foam substitute, STRUCSURE systems and TeXstyle fabrics are some of the company’s other trademarks used in connection with certain of its product lines.

Acquisitions

In February 2022, the company acquired substantially all of Kongsberg Automotive's Interior Comfort Systems business unit (Kongsberg ICS). Kongsberg ICS specializes in thermal comfort systems, including seat massage, lumbar, heat and ventilation products. This acquisition enhances the company’s seat component capabilities by adding specialized thermal comfort seating solutions and further differentiates its product offerings by improving the seat system's performance and packaging.

In May 2022, the company acquired Romanian-based Thagora Technology SRL (Thagora) to access scalable smart-manufacturing technology. Thagora's proprietary solutions complement its sustainable manufacturing processes by improving the production yield of the company’s Seating segment's surface materials operations and lowering energy usage during production. In addition, Thagora's Industry 4.0 technologies bring significant advances to the company’s manufacturing operations through engineering and logistics enhancements, including improved material traceability and facility footprint utilization capabilities.

In November 2022, the company acquired InTouch Automation (InTouch), a supplier of Industry 4.0 technologies and complex automated testing equipment critical in the production of automotive seats. InTouch's product portfolio is aligned with its Industry 4.0 strategy to implement technologies designed to automate the testing and validation of seat components and complete seats.

In April 2023, the company completed the acquisition of I.G. Bauerhin (IGB), a privately held supplier of automotive seat heating, ventilation and active cooling, steering wheel heating, seat sensors and electronic control modules, headquartered in Grundau-Rothenbergen, Germany. The acquisition furthers the company’s comprehensive strategy to develop and integrate a complete portfolio of thermal comfort systems for automotive seating. IGB provides active cooling, as well as additional scale to the company’s seat heating and ventilation capabilities and complements the lumbar and massage capabilities obtained with its acquisition of Kongsberg ICS.

Joint Ventures and Noncontrolling Interests

As of December 31, 2023, the company had sixteen operating joint ventures located in five countries. Of these joint ventures, six are consolidated, and ten are accounted for using the equity method of accounting. Fourteen of the joint ventures operate in Asia, and two operate in North America (both of which are dedicated to serving Asian automotive manufacturers). Net sales of the company’s consolidated joint ventures accounted for approximately 7% of the company’s net sales in 2023.

History

Lear Corporation was founded in 1917. The company was incorporated in Delaware in 1987.