Lear Corp to acquire Grupo Antolin's auto seating business
Courtesy: Grupo Antolin
Global supplier of automotive seating and electrical systems Lear Corporation will acquire France based Grupo Antolin's automotive seating business. Grupo Antolin's automotive seating business has sales and operations in five European countries and supplies to renowned car makers like Peugeot Citroen, Daimler, Renault Nissan and Volkswagen.
Grupo Antolin's seating business has annual sales of around €300 million and operates 12 manufacturing facilities, 2 technological centres and employs 2,273 people, which Lear is acquiring for €286 million on a cash and debt free basis.
The closing of the transaction is expected to happen in the first half of 2017, subject to customary conditions, including regulatory approvals in Europe.
Grupo Antolin's seating business offers just-in-time seat assembly; seat structures and mechanisms; and seat trims and additionally has an experienced management team, modern facilities and a reputation for lean manufacturing. (AR)
Fibre2Fashion News Desk – India