Lear Corporation to Acquire Grupo Antolin’s Automotive Seating Business

By on February 7, 2017 in IN THE NEWS, SUPPLY CHAINS

SOUTHFIELD, Mich. — Lear Corporation, a global supplier of automotive seating and electrical systems, announced that it has signed a definitive agreement to acquire Grupo Antolin’s automotive seating business.

Grupo Antolin’s seating business is headquartered in France with sales and operations concentrated in 5 countries in Europe. Grupo Antolin’s seating business is comprised of just-in-time seat assembly, seat structures & mechanisms and seat trim, and sells to some of the largest European automakers, including Peugeot Citroen, Daimler, Renault Nissan and Volkswagen. Grupo Antolin’s seating business has a reputation for lean manufacturing, quality and innovation, including high-functionality and lightweight seat designs.

The transaction is valued at €286 million, and Lear intends to fund it with cash on hand. The closing of the transaction is expected to occur in the first half of this year subject to customary conditions, including regulatory approvals in Europe. Lear expects the transaction to be accretive to 2017 earnings per share upon closing.

“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,” said Matt Simoncini, Lear’s President and CEO. “This transaction will further enhance Lear’s position as a global leader in automotive seating and will create significant value for our shareholders.”

Grupo Antolin’s seating business has annual sales of approximately €300 million and includes 12 manufacturing facilities, 2 technological centers and 2,273 full-time and contract employees.

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