Lear Completes Acquisition of Grupo Antolin's Automotive Seating Business
SOUTHFIELD, Michigan, 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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