IGB, headquartered in Gruendau-Rothenbergen, Germany
IGB's products will enhance Lear's thermal comfort systems portfolio, which combines efficient heating, ventilation and active cooling, lumbar support and massage with exceptional seating craftsmanship.
"IGB is the final piece of Lear's comprehensive strategy to develop and integrate its Thermal Comfort Systems for automotive seating," said Ray Scott, Lear president and chief executive officer. "Lear is the most vertically integrated global seat supplier with the unique ability to design and manufacture the most sophisticated, highest quality and best performing overall seating systems in the world. We are reducing complexity, weight and total costs while responding faster to our customers' demands."
In May 2022, Lear announced it had signed a definitive agreement to acquire IGB for €140 million, on a cash and debt-free basis.
This is the second acquisition Lear has undertaken during the last two years to enhance its thermal comfort systems’ portfolio. In February 2022, Lear acquired substantially all of Kongsberg Automotive's interior comfort systems’ business unit, a provider of seat massage, lumbar, seat heating and ventilation products with more than 3,800 employees in four production facilities and four technical centres on three continents, the company said in a press release.
"Our customers are adopting thermal comfort systems in both internal combustion engine and electric vehicle segments ranging from entry-level to high-end luxury," said Frank Orsini, Lear executive vice-president and president, seating. "We are also seeing thermal comfort content expand into second row applications. We welcome IGB employees and the expertise they bring to the Lear family."
Fibre2Fashion News Desk (RR)