Lear Corporation (LEA -0.2%) completed the acquisition of Grupo Antolin's automotive seating business €286M on a cash and debt free basis.
Grupo Antolin's seating business has annual sales of approximately €300M with operations in five countries in Europe and North Africa. The transaction is forecasted to be accretive to 2017 earnings per share.
"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.