Lear and Toyota Boshoku dissolve JV

  • 04-Dec-2008 10:39 EST

Lear will receive $35 million in cash as part of the dissolution of its joint venture with Toyota Boshoku. The JV currently supplies seating systems and other interior components to Toyota for the Sienna minivan built in Princeton, IN. For the minivan program, Lear's role will change to that of a supplier of components to Toyota Boshoku. The two companies announced the JV dissolution Dec. 2. They said that although they generally will compete against each other (and against other suppliers) on a Tier 1 basis, they will form a working group to pursue sourcing opportunities for certain seating components including Lear's Pro Tec active head-restraint system.

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