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Lear Corporation Earns New Detroit Inc.'s Closing the Gap Award In Recognition of Its Diversity Business Efforts

Published 06-27-00

Submitted by Lear Corporation

Lear Corporation (NYSE: LEA) has earned New Detroit Inc.'s Closing the Gap Award in the area of Economic Equity for its leadership role in creating new business and employment opportunities within Detroit. Lear was honored Monday night at New Detroit's awards dinner at the Detroit Opera House, hosted by General Motors Corp. Chairman, Jack F. Smith Jr.

The annual celebration pays tribute to an individual, civic organization and corporation that the New Detroit Coalition feels has demonstrated proactive initiatives to close the gap of economic, educational and social disparity in the Detroit community.

New Detroit saluted Lear for the automotive supplier's ongoing efforts to boost its diversity purchases through the creation of joint ventures and increased procurement goals. The coalition further recognized Lear's inclusion of persons of color on the Lear Board of Directors and within the company's management ranks.

"Lear Corporation has instituted a comprehensive approach for increasing participation by people of color throughout the corporation's affairs," said Shirley R. Stancato, President and CEO of New Detroit Inc. "Lear's efforts encompass the areas of most concern to the Coalition - procurement, governance, joint ventures, and employment.

The Lear Corporation has made a difference in our community," Stancato added. "Lear serves as a model for how corporations can measurably contribute to closing the economic gap.''

"We are honored to be recognized by New Detroit for our leadership role in the economic development of businesses in the Detroit area," said Lear Chairman and Chief Executive Officer, Kenneth L. Way. "We are committed to tripling our annual diversity spending to $600 million over the next five years by developing and expanding our network of minority partners and suppliers."

New Detroit Inc., America's first and largest urban coalition, was established in 1967 to work as a coalition of Detroit area leadership addressing the issue of race relations by positively impacting issues and policies that ensure economic and social equity.

Lear Corporation, a Fortune 150 company headquartered in Southfield, Mich., USA, is one of the world's largest automotive suppliers, with 1999 sales of $12.4 billion. The company's world-class products are designed, engineered and manufactured by more than 120,000 employees in over 300 facilities located in 33 countries.

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