Lear Enters JV With Hu Lane For Connector Products

Lear Corp 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.