Lear to build new and expanded Asia-Pacific regional HQ

Plans for the new building include expansion of the company's administrative infrastructure, a new product and technology center, product development capabilities with state-of the-art engineering and testing equipment and a new Lear innovation studio for Asia. This new multi-story center will include approximately 28’000 square meters and support Lear's growth and development of new business in China and throughout Asia. "The Asia-Pacific region is the most strategically important region for the global automotive industry, and Shanghai is a major center for automotive activity. We are very pleased to be opening a regional administrative and technical complex in Shanghai, as China is Lear's fastest growing market, and our business in the Asia-Pacific region is expected to grow rapidly," said Matt Simoncini, Lear's president and chief executive officer. "Over the past three years, Lear's sales in China have grown at an average annual rate of 10%. Our new regional headquarters complex in Shanghai will support industry-leading product development, testing and customer service in one convenient location that includes administrative, engineering, product development, program management, sales and marketing and other technical personnel," Mr. Simoncini continued. The new Asia headquarters will support approximately 31’000 Lear employees in eleven countries in Asia, including almost 22’000 in China. Lear manufactures products in Asia at 64 locations and has engineering teams at 16 locations throughout the region. In 2015, Lear's Asia consolidated sales grew to USD 3.2 billion.