- Lear Corporation (NYSE:LEA) has agreed to acquire I.G. Bauerhin, an automotive seat heating, ventilation, active cooling, and electronic control modules supplier, for €140 million.
- LEA expects the acquisition to expand its product capabilities into active cooling and complement its existing offerings.
- The transaction marks Lear's second acquisition of a thermal comfort solutions company. In February, Lear acquired substantially all of Kongsberg Automotive's Interior Comfort Systems business unit.
- Also Read: Lear Buckles In This Romania-Based Seating Materials Specialist
- IGB is based in Gruendau-Rothenbergen, Germany, and has over 4,000 employees at nine manufacturing plants in seven countries. IGB generated approximately €205 million in revenue in 2021.
- "The acquisition of IGB furthers Lear's vertical integration strategy and advances our vision of being the leading provider of innovative thermal comfort solutions," said CEO Ray Scott.
- Lear held $1.2 billion in cash and equivalents as of April 2, 2022. The deal is expected to close in the next six to nine months.
- Lear disclosed yesterday that its Board had authorized a two-year extension of its share repurchase authorization to December 31, 2024. At Q1 end, Lear had $1.3 billion remaining authorization.
- LEA's quarterly cash dividend of $0.77 per share is payable on June 29, 2022, to shareholders of record on June 10, 2022.
- Price Action: LEA shares are trading lower by 0.82% at $132.32 on the last check Friday.
