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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) September 15, 1994
LEAR SEATING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 1-11311 13-3386776
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
21557 Telegraph Road, Southfield, MI 48034
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (810) 746-1500
No Change
(Former name or former address, if changed since last report.)
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LEAR SEATING CORPORATION
ITEM 5: Other Events:
The Press release attached as an Exhibit hereto is hereby
incorporated and made a part of this current report on
Form 8-K.
ITEM 7: Financial Statements and Exhibits
A. Financial Statements: none
B. Exhibits:
Description Exhibit
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Press Release dated September 16, 1994 99.1
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LEAR SEATING CORPORATION
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
LEAR SEATING CORPORATION
(Registrant)
Dated: September 16, 1994
/s/ James H. Vandenberghe
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James H. Vandenberghe
Executive Vice President
Chief Financial Officer
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EXHIBIT 99.1
[LEAR SEATING CORPORATION LETTERHEAD]
NEWS RELEASE
FOR RELEASE 9/15/94 8:00 AM CONTACT: LESLIE TOUMA
LEAR SEATING CORPORATION
(810) 746-1678
JOHN BAILEY
CASEY COMMUNICATIONS
MANAGEMENT, INC.
(810) 746-6070
LEAR ENTERS LETTER OF INTENT TO
ACQUIRE FIAT SEAT BUSINESS
SOUTHFIELD, MICH., SEPTEMBER 15, 1994 -- Lear Seating Coporation
announced that it has entered into a letter of intent with Gilardini S.p.A.,
that would significantly expand Lear's European operations through the
acquisition from Gilardini of its SEPI S.p.A. subsidiary, which is the primary
automotive seating system supplier to Fiat, for approximately 250-billion lire,
or about $160 million dollars.
"We are extremely pleased about the potential merger of SEPI S.p.A.
operations with Lear, which would allow Lear to build Fiat seats beginning with
the 1995 model year. SEPI will add to our already strong European production
and technology capabilities and demonstrates our commmitment to providing
interior seat systems to original equipment manufacturers (OEM) around the
world," said Ken Way, chariman and CEO of Lear Seating Corporation.
Way continued, "Our European sales have grown over 340 percent since
1990. The acquisition of SEPI will increase our global market share and
further strengthen our European position as well as allow us the opportunity to
expand with Fiat in Eastern Europe and South America."
SEPI with 1993 sales of approximately 553 billion lire, or about $350
million dollars, consisting of automobile seats for over 1 million vehicles in
1993 and has approximately 1,800 employees. SEPI currently operates eight
production facilities in Italy and the business to be acquired includes two
production facilities in Poland. As part of the acquisition, Lear would also
acquire SEPI's minority interests in Spain and Turkey. In connection with this
acquisition, Lear and Fiat will enter into a supply agreement for SEPI to
provide substantially all of Fiat's European automotive seat requirements.
Consummation of the acquisition is subject to certain conditions,
including Lear satisfactorily completing its due diligence review and the
negotiation and signing of definitive documentation.
Lear Seating Corporation is a publicly traded Fortune 500 company on
the New York Stock Exchange (LEA) and is a leading independent supplier of seat
systems. Lear produced over 11 million automobile seats in 1993 and employs
approximately 19,500 workers in 60 facilities worldwide with sales of $1.95
billion for the 12 months ended December 31, 1993.
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