Southfield-based automotive seating and electrical systems supplier Lear Corp. today announced the completion of its acquisition of Grupo Antonlin’s seating business, which has annual sales of more than $300 million and 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 Antonlin’s seating business on July 26 when the company announces its second quarter 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,” says Matt Simoncini, Lear’s president and chief executive officer. “This business has an excellent reputation for quality and customer satisfaction as well as a strong market position in Europe with leading customers.”
The acquisition brings an experienced management team, modern facilities, and reputation for lean manufacturing and innovation, including high-functionality and light weight seat designs to Lear. Grupo Antolin’s seating business is headquartered in France and it includes 12 manufacturing facilities, two technological centers and 2,273 full-time and contract employees.