Lear Corp (NYSE: LEA) has acquired InTouch Automation, a supplier of Industry 4.0 technologies and complex automated testing equipment critical in producing automotive seats. The financial details of the transaction were not disclosed.
InTouch, founded in 2006, is privately owned and based in Novi, Michigan.
InTouch's product portfolio fits with Lear's strategy to automate the testing and validation of components and finished seats.
These high-tech solutions also allow Lear to collect and analyze real-time data while standardizing testing procedures throughout its just-in-time (JIT) seating production process.
"This acquisition is another step in increasing Lear's automation and manufacturing flexibility," said Frank Orsini, Lear EVP and President, Seating.
Lear held $842.2 million in cash and equivalents as of October 1, 2022.
Price Action: LEA shares are trading higher by 0.97% at $144.19 on the last check Friday.
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