Lear Corporation announced it has signed a definitive agreement for a joint venture with Hu Lane Associate Inc. Joint venture to expand global offering of competitive connection systems portfolio, offering automakers harness architecture components with operations based in China. Assuming expected regulatory approvals are obtained the joint venture will be based initially in Yangzhou, China. It will immediately expand Lear's vertical integration capabilities to engineer and produce a portfolio of connection systems products for current and future vehicle architectures offered by global automotive manufacturers.

Lear and Hu Lane anticipate regulatory approval and the joint venture management to be appointed during the fourth quarter 2021. Lear will own a majority equity interest in the joint venture and will consolidate its financial results.