Benzinga | Nov 1, 2021 09:38AM EDT

Lear, Shinry Form JV For Onboard Vehicle Chargers

* Lear Corp (NYSE:LEA) has signed an agreement to establish a joint venture with Shinry Technologies Co Ltd, a China-based supplier of electronics for electric vehicles. The financial terms of the deal were not disclosed.

* Located in Shenzhen, China, the joint venture will integrate portfolios of advanced onboard vehicle chargers and next-generation multi-function integrated power modules from both companies to serve a range of regional and global automakers.

* The company expects completion of the approval and registration of the joint venture within the fourth quarter of 2021.

* Price Action: LEA shares traded higher by 1.11% at $173.76 on the last check Monday.