Lear and Exide Sign Letter of Intent for Strategic Collaboration

September 20, 2000 by Jeff Shepard

Lear Corp. (Southfield, MI) and Exide Corp. (Reading, PA) have announced that they have signed a letter of intent to enter into a strategic collaboration. The corporations plan to co-develop and market advanced power-packaging solutions for the automotive industry. The collaboration will focus on designing interior systems to meet the increasing complexity and power requirements of conventional, hybrid and electrical vehicles.

Exide and Lear will package advanced forms of electrical energy storage as integral parts of the interior components and systems produced by Lear. A key component of these interior modules will be the Exide Select Orbital Battery, a cylindrically wound battery that can be configured into unusual shapes and 6V modules to meet the power requirements of tomorrow's vehicles, including 42V power-net systems. The Exide Select Orbital Battery, which uses a non-liquid, leak-proof electrolyte is also important because it is sealed and non-gassing and can be placed within the passenger compartment.

"Consumers are demanding more electronic products in their vehicles than ever before and we must find creative ways to integrate and power them," said Lear Chairman and CEO Ken Way. "This collaboration will leverage Lear's leadership in developing and integrating vehicle interior and electrical systems with Exide's expertise in electrical power-storage solutions."