Lear acquires 75% stake in Chinese auto trim supplier

Lear Corp. of the United States said Friday it has agreed to acquire a 75 percent interest in the automotive fabric business of Chinese supplier New Trend Group Co. Ltd.

Southfield-based Lear made the announcement during its Eve of the Eyes reception, a preview to the EyesOn Design automotive show taking place Sunday in Grosse Pointe Shores.

Financial terms of the deal were not disclosed.

The acquisition is consistent with Lear's strategy to vertically integrate its seating business, said Lou Salvatore, president of global seating operations. It also gives the company the ability to offer a greater range of trim options to customers.

The company said it plans to maintain the New Trend brand name and would refer to the business as New Trend automotive fabric by Lear.

New Trend, headquartered in Ruian, China, is a $30 million supplier with a market share in China of about 12 percent. The company counts customers in China, Europe and the U.S. including General Motors, Ford, Volkswagen, Toyota, Chery and Geely.

Lear Corporation, a FORTUNE 500® company headquartered in Southfield, Mich., U.S.A., is one of the world's largest suppliers of automotive seating systems, electrical distribution systems and related electronic products.