Lear and Toyota Boshoku will dissolve their existing seating systems and interior components joint venture, with Lear granted $35 million in cash in exchange for its minority interest in the partnership. The company supplies Toyota Motor Manufacturing Indiana with parts and systems for the Sienna minivan, built in Princeton, IN. Lear will continue to supply Toyota Boshoku with some components for the Sienna, with both companies continuing to compete directly for other business on a Tier 1 basis. The two companies will form a working group to identify new sources for certain seating components, as well as purchasing opportunities raw materials, including steel, foam, and textiles.

Toyota Boshoku (Kariya City, Japan) supplies automotive interior and seating systems, filters, powertrains, and other components, generating revenue exceeding $12 billion, employing 35,000, and operating in more than 20 countries.