Lear Corp confirms purchase of Eagle Ottawa
28/08/2014
Eagle Ottawa, a supplier to carmakers including BMW, Jaguar (pictured), Daimler and Fiat Chrysler, has been in private ownership for nearly 50 years and has annual sales of about $1 billion.
"The acquisition is another important step in strengthening our core seating business, expanding our component capabilities and accelerating profitable sales growth," said Matt Simoncini, Lear's CEO.
“Eagle Ottawa adds global leather design and development resources as well as technical expertise to our existing surface materials capabilities. It will also enhance the level of craftsmanship and design options that we are able to provide to our customers and increase opportunities for sales growth and diversification."
The deal, valued at $850 million, is expected to close in the first quarter of next year, subject to approval.
In April, Eagle Ottawa announced it was investing $30 million in its Chinese operations.
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