Automotive Intelligence

News of  June 30, 1999

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Lear Corporation Completes Sale of Electric Motor Systems Business
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Southfield, Michigan, June 25, 1999 - Lear Corporation (NYSE: LEA) today completed the sale of its recently acquired Electric Motor Systems (EMS) business to Johnson Electric Holdings Limited (OTC Bulletin Board: JELCY; SEHK: 179) for US $310 million. Lear will use the proceeds from the sale to pay down debt under its existing credit facilities.

Lear acquired the EMS business in its May 4, 1999 acquisition of United Technologies Automotive (UTA). EMS is a global supplier of industrial and automotive electric motors and starter motors for small gasoline engines. EMS had 1998 sales of $351 million. The business has approximately 3,300 employees operating at locations in 10 countries.

"We're pleased that we were able to so quickly complete the sale of the motors business," said Kenneth L. Way, Lear Chairman and Chief Executive Officer. "We're also moving quickly in integrating our core interior and electronic systems business in order to advance our role as the industry's leading automotive systems integrator."

 

Tomkins PLC Acquisition Positions Trico Products As Global Automotive Systems Integrator
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ROCHESTER HILLS, Mich., 28 Jun 1999 - Tomkins PLC, a leading international manufacturer and owner of Trico Products Corporation, has acquired ACD Tridon, a major producer of wiper blades and system components. Trico will absorb ACD Tridon's wiper and electronics businesses into a stronger, industry-leading company under the Trico Products name.

With the acquisition, Trico Products becomes the world's largest wiper blade manufacturer and one of the largest players in the wiper systems industry -- number two in North America and third largest in the world. Additionally, the company now becomes a major global force in its ability to integrate systems for European, Australian, South American and North American OEM customers by integrating the product lines of both companies.

"ACD Tridon's position as a producer of wiper motors and electronics and its market penetration in Europe and South America will help Trico Products better meet the needs of its global customers," explained Donald Fletcher, the company's president. "With this acquisition, Trico Products gains a significant manufacturing, marketing and product presence in the European and South American market. We see some significant new global business opportunities in our markets and are poised to capitalize on these opportunities."

Company headquarters will remain in Rochester Hills, Michigan. ACD Tridon's headquarters (in Smyrna, Tennessee) will be relocated to the Rochester Hills office.

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