Benzinga | Sep 22, 2021 06:36AM EDT

Lear Enters JV With Hu Lane For Connector Products

* Lear Corp (NYSE: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.