The new site, whose construction started in February 2017, is part of the expansion of Lear’s Asia-Pacific administrative infrastructure, engineering capability and product innovation resources. It will allow the supplier to continue to develop new products and grow its sales in China and throughout Asia, according to a statement.
“The Asia-Pacific region continues to be the largest and fastest growing region of the world. We are very pleased to be building a new regional administrative and technical centre in Shanghai, as China is Lear’s fastest growing market, and our business in the Asia-Pacific region is expected to continue to grow rapidly,” said Matt Simoncini, President and CEO, Lear.
The new Asia headquarters is to support over 39,000 Lear employees in 11 countries in Asia, including more than 27,000 in China. Lear manufactures products in Asia at 67 different locations, and has engineering teams at 16 locations throughout the region. In 2016, Lear’s consolidated sales in Asia are reported to have grown to US$3.4 billion. The supplier also supports Asia through nine unconsolidated joint ventures in the region, whose unconsolidated joint ventures totalled US$2billion in 2016, bringing Lear’s total sales in Asia to US$5.4 billion.