Lear Completes Acquisition of I.G. Bauerhin

Rhea-AI Summary

Lear Corporation (NYSE: LEA) announced the completion of its acquisition of I.G. Bauerhin (IGB) for €140 million, enhancing its Thermal Comfort Systems portfolio. IGB, located in Germany, specializes in automotive seat heating and ventilation technologies, employing over 4,600 people across several countries. This acquisition marks Lear's commitment to developing integrated in-vehicle comfort solutions, bolstering its position as a leading seat supplier. The move follows Lear's previous acquisition of Kongsberg Automotive's Interior Comfort Systems in February 2022. With increasing demand for thermal comfort features in automotive seating, this acquisition is expected to meet customer demands across various vehicle segments, enhancing overall product offerings.

Positive

• Acquisition of IGB enhances Thermal Comfort Systems portfolio and improves product offerings.
• Strengthens Lear's position as a leading seat supplier with integrated technologies.
• Following a previous acquisition, shows commitment to expanding in-vehicle comfort solutions.

Negative

• None.

Acquisition is Final Piece in Thermal Comfort Systems Strategy

SOUTHFIELD, Mich., April 26, 2023 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced it has completed its acquisition of I.G. Bauerhin (IGB), further expanding the company's suite of in-vehicle comfort technologies.

IGB, headquartered in Gruendau-Rothenbergen, Germany, is a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules with more than 4,600 employees at nine manufacturing plants in seven countries.

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 centers on three continents.

"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."

About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 37 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 179 on the Fortune 500. Further information about Lear is available at lear.com or on Twitter @LearCorporation.

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SOURCE Lear Corporation

FAQ

What is the value of Lear Corporation's acquisition of I.G. Bauerhin?

Lear Corporation acquired I.G. Bauerhin for €140 million.

How does the acquisition of I.G. Bauerhin impact Lear Corporation's product offerings?

The acquisition enhances Lear's Thermal Comfort Systems portfolio, allowing for improved in-vehicle comfort solutions.

Where is I.G. Bauerhin located?

I.G. Bauerhin is headquartered in Gruendau-Rothenbergen, Germany.

When was the acquisition of I.G. Bauerhin completed?

The acquisition was completed on April 26, 2023.

What products does I.G. Bauerhin specialize in?

I.G. Bauerhin specializes in automotive seat heating, ventilation, active cooling, and related technologies.