as informed in
Lear To Acquire Grupo Antolin's Automotive Seating Business
Shutterstock photo(RTTNews.com) - Lear Corp. ( LEA ) Monday said it has signed a definitive agreement to acquire Grupo Antolin's automotive seating business for 286 million euros on a cash and debt basis. The seating business is headquartered in France with sales and operations concentrated in five countries in Europe. It has annual sales of approximately 300 million euros and includes 12 manufacturing facilities, 2 technological centers and 2,273 full-time and contract employees. Lear expects the transaction to be accretive to 2017 earnings per share upon closing. The closing of the transaction is expected to occur in the first half of 2017.
"This transaction will further enhance Lear's position as a global leader in automotive seating and will create significant value for our shareholders." �Lear serves every major automaker in the world, and Lear content can be found on more than 400 vehicle nameplates. About Grupo Antolin's Seating BusinessGrupo Antolin's seating business is well positioned among major European automakers, including Peugeot Citroen, Daimler, Renault Nissan and Volkswagen.� The Company has annual sales of approximately 300 million; 12 manufacturing facilities (7 in Spain, 2 in France, 1 in the Czech Republic, 1 in Portugal and 1 in Morocco); 2 technological centers (in France and Spain) and 2,273 full-time and contract employees in 6 countries.� Grupo Antolin's seating business headquarters is located in France.��To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/lear-signs-definitive-agreement-to-acquire-grupo-antolins-automotive-seating-business-300402295.htmlSOURCE Lear Corporation �Lear's world-class products are designed, engineered and manufactured by a diverse team of approximately 150,000 employees located in 37 countries.� Lear currently ranks #154 on the Fortune 500.� Lear's headquarters are in Southfield, Michigan.� Further information about Lear is available at http://www.lear.com or follow us on Twitter @LearCorporation. Grupo Antolin's seating business has annual sales of approximately 300 million and includes 12 manufacturing facilities, 2 technological centers and 2,273 full-time and contract employees.��Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated financial results and liquidity.� The words "will," "may," "designed to," "outlook," "believes," "should," "anticipates," "plans," "expects," "intends," "estimates," "forecasts" and similar expressions identify certain of these forward-looking statements.
read more visit us Automotive
collected by :John Max