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Lear to Sell European Unit
Lear(LEA Quote), an automotive interior systems supplier, said Thursday that it entered into a definitive agreement with its joint venture International Automotive Components Group.
The agreement is to contribute substantially, all of Lear's European interiors systems division to IAC, for a 34% equity interest in IAC, subject to adjustment.
The Europe operations consist of nine manufacturing facilities in five countries, that supply door panels, overhead systems, instrument panels, cockpits and interior trim to various original equipment manufacturers, generating about $750 million in annual revenue. ...
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