USA: Lear Corporation Sells Sealants and Foam Rubber Business
Lear Corporation (NYSE: LEA) today announced the sale of its sealants and foam rubber business to AcoustiSeal, a subsidiary of GSC Industries, Inc., for $92.5 million. Lear will use the net cash proceeds from the sale to repurchase its common stock and repay debt. Lear acquired the sealants and foam rubber operations through its acquisitions of United Technologies Automotive in 1999 and Masland Industries in 1996. The agreement includes a sales and engineering office in Troy, Mich. and two production facilities, one located in Kansas City and another in St. Louis, Mo., which employ a combined workforce of approximately 600. The plants manufacture and fabricate foam rubber, vibration damping materials and body structure sealing materials, with annual sales of approximately $100 million.
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