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Lear In Acquisition Spree - Buys Seat Climate Control Provider IGB

  • 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 ReadLear 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.

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