Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, today announced the completion of its acquisition of Grupo Antolin’s automotive seating business.
Grupo Antolin’s seating business has annual sales of approximately €300 million with operations in five countries in Europe and North Africa. Grupo Antolin’s seating business is comprised of just-in-time seat assembly, seat structures & mechanisms and seat covers, and is well positioned among the largest European automakers, including Daimler, Peugeot Citroen, Renault Nissan and Volkswagen.
The transaction is valued at €286 million on a cash and debt free basis and is forecasted to be accretive to 2017 earnings per share. Lear will update its 2017 financial outlook to include Grupo Antolin’s seating business on July 26th when the Company announces its Second Quarter 2017 financial results.
“The Grupo Antolin seating business is an excellent fit for Lear and is consistent with our strategy to invest in our core business, accelerate our growth and deliver superior value to shareholders,” said Matt Simoncini, Lear’s President and CEO. “This business has an excellent reputation for quality and customer satisfaction as well as a strong market position in Europe with leading customers,” added Simoncini.
Grupo Antolin’s seating business has an experienced management team, modern facilities and a reputation for lean manufacturing, superior quality and innovation, including high-functionality and light weight seat designs.
“We are very pleased to add Grupo Antolin’s strong capabilities to Lear’s global seating business. This acquisition will further strengthen and diversify Lear’s seating business, improve the overall value we are able to offer our customers and provide additional opportunities to grow our market share,” concluded Simoncini.
Grupo Antolin’s seating business is headquartered in France and it includes 12 manufacturing facilities, 2 technological centers and 2,273 full-time and contract employees.
– See more at: http://www.lear.com/Press-Room/4422/lear-completes-acquisition-of-grupo-antolins-automotive-seating-business.aspx#sthash.0MMg1H9q.dpuf
