SOUTHFIELD, Mich., April 28, 2017 /PRNewswire/ -- Lear Corporation
(NYSE: LEA), a leading global supplier of automotive seating and
electrical systems, today announced the completion of its
acquisition of Grupo Antolin's
automotive seating business.
Grupo Antolin's seating business
has annual sales of approximately €300 million with operations in
five countries in Europe and North
Africa. Grupo Antolin's
seating business is comprised of just-in-time seat assembly, seat
structures & mechanisms and seat covers, and is well positioned
among the largest European automakers, including Daimler, Peugeot
Citroen, Renault Nissan and Volkswagen.
The transaction is valued at €286 million on a cash and debt
free basis and is forecasted to be accretive to 2017 earnings per
share. Lear will update its 2017 financial outlook to include
Grupo Antolin's seating business on
July 26th when the Company
announces its Second Quarter 2017 financial results.
"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.
Grupo Antolin's seating business
has an experienced management team, modern facilities and a
reputation for lean manufacturing, superior quality and innovation,
including high-functionality and light weight seat
designs.
"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," concluded Simoncini.
Grupo Antolin's seating business
is headquartered in France and it
includes 12 manufacturing facilities, 2 technological centers and
2,273 full-time and contract employees.
Forward-Looking Statements
This 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. The Company also may provide
forward-looking statements in oral statements or other written
materials released to the public. All statements contained or
incorporated in this press release or in any other public
statements that address operating performance, events or
developments that the Company expects or anticipates may occur in
the future are forward-looking statements. Factors that could
cause actual results to differ materially from these
forward-looking statements are discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2016 and its other Securities and
Exchange Commission filings. Future operating results will be based
on various factors, including actual industry production volumes,
commodity prices and the Company's success in implementing its
operating strategy.
Information in this press release relies on assumptions in the
Company's sales backlog. The Company's sales backlog reflects
anticipated net sales from formally awarded new programs less lost
and discontinued programs. The calculation of the sales backlog
does not reflect customer price reductions on existing or newly
awarded programs. The sales backlog may be impacted by various
assumptions embedded in the calculation, including vehicle
production levels on new programs, foreign exchange rates and the
timing of major program launches.
The forward-looking statements in this press release are made as
of the date hereof, and the Company does not assume any obligation
to update, amend or clarify them to reflect events, new information
or circumstances occurring after the date hereof.
About Lear Corporation
Lear Corporation (NYSE: LEA) was founded in Detroit in 1917 as American Metal
Products. In 2017, the Company will celebrate its
100th year anniversary. Lear is one of the world's
leading suppliers of automotive seating systems and electrical
distribution systems (E-Systems). Lear serves every major
automaker in the world, and Lear content can be found on more than
400 vehicle nameplates. 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.
About Grupo Antolin's Seating
Business
Grupo 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.
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SOURCE Lear Corporation