Southfield, Michigan — Lear completed the EUR 286 m purchase of French automotive seat maker Grupo Antolin in late April.
Grupo Antolin's seating business has annual sales of around EUR 300 m with operations in five countries in Europe and North Africa.
Grupo Antolin's seating business consists of just-in-time seat assembly, seat structures and mechanisms and seat covers, and has a number of contracts with Daimler, Peugeot Citroen, Renault Nissan and Volkswagen.
"The Grupo Antolin seating business is an excellent fit for Lear and is consistent with our strategy to invest in our core business, accelerate our growth and deliver superior value to shareholders," said Matt Simoncini, Lear's president and ceo. "This business has an excellent reputation for quality and customer satisfaction as well as a strong market position in Europe with leading customers," added Simoncini.
He added :"We are very pleased to add Grupo Antolin's strong capabilities to Lear's global seating business. This acquisition will further strengthen and diversify Lear's seating business, improve the overall value we are able to offer our customers and provide additional opportunities to grow our market share."
Antolin operates 12 plants and employs over 2270 people, Lear added.
