Lear strengthens with automotive seating acquisition
07/02/2017
The deal is worth €286 million and Lear intends to fund the transaction in cash. It is expected to be completed in the first half of 2017 subject to customary conditions, including regulatory approvals in Europe.
Grupo Antolin’s seating business consists of just-in-time seat assembly, seat structures & mechanisms and seat trim. Lear said it is well positioned among leading European automakers, including Peugeot Citroen, Daimler, Renault Nissan and Volkswagen.
The business has annual sales of approximately €300 million and sells and operates in five European countries. It includes 12 manufacturing facilities, two technological centres and more than 2,000 full-time and contract employees. Lear said it has a reputation for lean manufacturing, superior quality and innovation.
"The acquisition of Grupo Antolin's seating business in Europe is another important step in strengthening our core seating business by further diversifying our global seating sales, expanding our seat component capabilities and accelerating profitable sales growth," explained Matt Simoncini, Lear's President and CEO.
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