SOUTHFIELD, Mich.,
Dec. 11, 2017 /PRNewswire/ -- Lear Corporation (NYSE:
LEA), a leading global supplier of automotive seating and
electrical systems, today announced that it has entered into a
definitive agreement to acquire Israel-based EXO Technologies, a developer of
GPS technology providing high-accuracy solutions for autonomous and
connected vehicle applications. EXO Technologies has
operations in San Mateo,
California and Tel Aviv,
Israel.
"Lear is a leader in automotive connectivity solutions including
Vehicle-to-Vehicle and Vehicle-to-Infrastructure
communications. The acquisition of EXO Technologies will
provide Lear with a differentiated technology to significantly
improve GPS accuracy and reliability, thereby enhancing vehicle
safety and enabling autonomous driving," said Matt Simoncini, Lear's president and chief
executive officer. "The combination of EXO Technologies with
Lear's existing resources further strengthens our connectivity
capabilities. We see excellent growth opportunities for our
E-Systems business as the proliferation of connected and autonomous
vehicles will drive increased demand for improved accuracy and
reliability in vehicle positioning."
EXO Technologies has developed core technology that addresses
the need for high-accuracy positioning in a vehicle. Its
proprietary technology works with existing GPS receivers to provide
centimeter-level accuracy anywhere on the globe without the need
for terrestrial base-station networks. The integration of EXO's
technology with Lear's vehicle and connectivity expertise enables
an industry leading vehicle positioning solution.
"EXO has developed technology that is essential for the future
of connected and autonomous vehicles," said Nuri Golan, EXO's Co-Founder and CEO. "We are
extremely excited to join the Lear family where we will provide
unparalleled solutions for Vehicle-to-Vehicle, autonomous driving
and other applications."
Financial terms of the transaction were not disclosed.
About Lear Corporation
Lear Corporation was founded in
Detroit in 1917 as American Metal
Products. In 2017, the Company is celebrating its 100th year
anniversary. Lear is one of the world's leading suppliers of
automotive seating systems and electrical 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
156,000 employees located in 38 countries. Lear currently
ranks #151 on the Fortune 500. Lear's headquarters are in
Southfield, Michigan.
Further information about Lear is available at lear.com or follow
us on Twitter @LearCorporation.
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SOURCE Lear Corporation