Seating specialist Lear Corporation has completed its purchase of automotive and specialty fabrics maker Guilford Mills for US$257m.
“The acquisition of Guilford is consistent with our strategy to strengthen and grow our core businesses by expanding our component capabilities,” said Lear president and CEO Matt Simoncini. “By acquiring Guilford, we will enhance the value, quality and level of craftsmanship that we are able to provide to our customers and increase opportunities for future business growth.”
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Guilford has annual sales of approximately $400m with 85% from automotive applications. Its automotive division produces fabrics for a number of automotive interior applications, including seat fabric. Guilford has strong relationships with virtually all of the major global automakers including BMW, Chrysler, Ford, GM, Honda, Nissan, Toyota and Volkswagen.
Lear’s seating chief Ray Scott said: “Guilford will provide additional technical expertise, global fabric design and manufacturing capacity to our existing world class seat trim business.”
Guilford’s specialty products division produces high-technology fabrics for diverse end markets including water filtration, window covering, performance apparel, medical and other industrial applications. Customers include GE Water and Process Technologies, Hunter Douglas, Nike and Under Armour.
Guilford has strong textile design, development and manufacturing capabilities in the United States and Europe as well as a joint venture in China. The acquisition includes 12 locations in eight countries and approximately 1,600 employees globally.
