Acquisition is Final Piece in Thermal Comfort Systems Strategy
SOUTHFIELD, Mich., April 26, 2023 - Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced it has completed its acquisition of I.G. Bauerhin (IGB), further expanding the company's suite of in-vehicle comfort technologies.
IGB, headquartered in Gruendau-Rothenbergen, Germany, is a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules with more than 4,600 employees at nine manufacturing plants in seven countries.
IGB's products will enhance Lear's Thermal Comfort Systems portfolio, which combines efficient heating, ventilation and active cooling, lumbar support and massage with exceptional seating craftsmanship.
"IGB is the final piece of Lear's comprehensive strategy to develop and integrate its Thermal Comfort Systems for automotive seating," said Ray Scott, Lear President and Chief Executive Officer. "Lear is the most vertically integrated global seat supplier with the unique ability to design and manufacture the most sophisticated, highest quality and best performing overall seating systems in the world. We are reducing complexity, weight and total costs while responding faster to our customers' demands."
In May 2022, Lear announced it had signed a definitive agreement to acquire IGB for €140 million, on a cash and debt-free basis.
This is the second acquisition Lear has undertaken during the last two years to enhance its Thermal Comfort Systems portfolio. In February 2022, Lear acquired substantially all of Kongsberg Automotive's Interior Comfort Systems business unit, a provider of seat massage, lumbar, seat heating and ventilation products with more than 3,800 employees in four production facilities and four technical centers on three continents.
"Our customers are adopting Thermal Comfort Systems in both internal combustion engine and electric vehicle segments ranging from entry-level to high-end luxury," said Frank Orsini, Lear Executive Vice President and President, Seating. "We are also seeing thermal comfort content expand into second row applications. We welcome IGB employees and the expertise they bring to the Lear family."
About Lear Corporation
Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear's diverse team of talented employees in 37 countries is driven by a commitment to innovation, operational excellence, and sustainability. Lear is Making every drive better™ by providing the technology for safer, smarter, and more comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major automaker in the world and ranks 179 on the Fortune 500. Further information about Lear is available at lear.com or on Twitter @LearCorporation.
SOURCE Lear Corporation
