Lear Corporation announced the completion of its acquisition of Grupo Antolin's automotive seating business.
The business has annual sales of EUR300m with operations in five countries in Europe and North Africa.
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Grupo Antolin's seating business is comprised of just in time seat assembly, seat structures and mechanisms, plus seat covers, and is, the supplier claimed, "well positioned among the largest European automakers, including Daimler, Peugeot Citroen, Renault Nissan and Volkswagen".
The transaction is valued at EUR286m and should be accretive to 2017 earnings per share, according to the supplier.
"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, 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."
Lear said the acquired 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… 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," said Simoncini.
Grupo Antolin's seating business is based in France and includes 12 factories, two tech centres and 2,273 full-time and contract employees.
