Southfield-based Lear Corp., a global supplier of automotive seating and electrical distribution systems, today announced it has signed a definitive agreement to acquire Grupo Antolin’s automotive seating business.
Grupo Antolin’s seating business, headquartered in France, has sales and operations concentrated in five countries in Europe. The company is comprised of seat structures and trim, and works with Peugeot Citroen, Daimler, Renault Nissan, and Volkswagen.
Lear plans on funding the transaction, valued at $307 million on a cash and debt free basis, with cash on hand. The transaction is expected to close during the first half of 2017, subject to customary conditions such as regulatory approvals in Europe. Lear expects the transaction to be accretive to 2017 earnings per share upon closing.
“The acquisition of Grupo Antolin’s seating business in Europe is another important step in strengthening our core seating business by further diversifying our global seating sales, expanding our seat component capabilities, and accelerating profitable sales growth,” says Matt Simoncini, Lear’s president and CEO. “This transaction will further enhance Lear’s position as a global leader in automotive seating and will create significant value for our shareholders.”
Grupo Antolin’s seating business has annual sales of approximately €300 million and includes 12 manufacturing facilities, two technological centers, and 2,273 full-time and contract employees.
Founded in Detroit in 1917 as American Metal Products, Lear Corp. serves every major automaker in the world. The company’s world-class products are designed, engineered, and manufactured by a diverse team of approximately 150,000 employees located in 37 countries.