Lear Corp. is buying a German automotive provider of temperature-controlled seats and steering wheels for almost $150 million, beefing up its consolation seating capabilities.
The suburban Detroit seating and electronics provider agreed to purchase Gruendau-Rothenbergen, Germany-based I.G. Bauerhin in a deal anticipated to be finalized within the subsequent six to 9 months, in line with a Friday statement.
Lear can be buying Romania-based software program provider Thagora Know-how SRL for an undisclosed sum, giving it scalable {industry} 4.zero software program to assist scale back scrap and decrease vitality utilization throughout manufacturing, the corporate introduced Thursday.
The I.G. Bauerhin deal follows Lear’s acquisition last year of Kongsberg Automotive, a $200 million play for elevated vertical integration and capturing extra automobile content material, together with therapeutic massage seating, lumbar help, heating and air flow.
“Combining Lear’s industry-leading seating experience and Kongsberg’s merchandise and capabilities with IGB’s cutting-edge know-how will enable us to speed up the commercialization of environment friendly, high-performance seating programs which can be aligned with the important thing priorities of our OEM clients and shoppers alike,” Lear CEO Ray Scott stated within the assertion.
IGB has 7,000 workers at 9 manufacturing crops world wide, together with one in Windsor, Canada. The corporate produces thermal seating for a wide range of luxurious, excessive quantity and electrical autos by almost all international OEMs, with income final 12 months of $215 million, in line with the corporate.
Different seating suppliers are making comparable strikes to win inside enterprise. Most not too long ago, Gentherm Inc. stated it is acquiring the automotive enterprise of German provider Alfmeier Präzision SE, and its lumbar and therapeutic massage seating know-how, for greater than $187.5 million.
“I’m assured that our workers will thrive in Lear’s thermal consolation options enterprise and proceed to drive development and innovation,” Josef Hilmer, CEO of IGB, stated within the launch.
