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Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, announced that it is renaming its Electrical business segment as the "E-Systems" business segment. This name change is intended to reflect the increasing complexity of automotive electrical systems and Lear's expanded electrical architecture and vehicle connectivity capabilities.
Lear is a global leader in managing electric power and distributing signals within a vehicle for both traditional electrical architectures and alternative energy vehicles. Lear's E-Systems portfolio consists of wire harnesses, terminals & connectors, complex electronic modules, power converters and inverters, battery chargers, 48-volt systems, wireless capabilities, software, cybersecurity, lighting modules and audio components. Lear was a pioneer in Smart Junction Box technology, and today is a leader in connected gateway modules which facilitate secure processing of all of a vehicle's electrical, electronic and data requirements.
Lear recently acquired Arada Systems and intellectual property and technology from Autonet Mobile, adding software and hardware capabilities that securely connect vehicle electrical systems to networks and devices outside the vehicle. With these enhanced capabilities, Lear now has the ability to process signals and data both within the vehicle and outside the vehicle.
"Lear has a long-history of providing industry-leading automotive electrical distribution systems. Today, we are uniquely positioned with complete electrical architecture expertise and signal and data management capabilities, including connected gateways, wireless capabilities and related software and hardware. With 21 first-to-market innovations in the last four years and over 600 software engineers globally, we are extremely well positioned to capitalize on the mega-trend of vehicle connectivity. With our industry-leading electrical systems portfolio and a global low-cost footprint, we expect to be able to grow our E-Systems business at an annual rate of 5 percentage points above market growth over the next 5 to 7 years," said Matt Simoncini, Lear's president and chief executive officer.
Lear Corporation (NYSE: LEA) is one of the world's leading suppliers of automotive seating and electrical distribution systems. Lear serves every major automaker in the world, and Lear content can be found on more than 350 vehicle nameplates. Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 140,000 employees located in 36 countries. Lear currently ranks #154 on the Fortune 500. Lear's headquarters are in Southfield, Michigan. Further information about Lear is available at http://www.lear.com or follow us on Twitter @LearCorporation.