Automotive technology leader in seating and e-systems Lear Corporation announced that it has entered into a definitive agreement to acquire I G Bauerhin (IGB), a privately held supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules.
Lear will acquire IGB for €140 million on a cash- and debt-free basis. The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in six to nine months.
The transaction, Lear's second acquisition of a thermal comfort solutions company, will expand the company's product capabilities into active cooling and complement its existing offerings. In February, the company acquired substantially all of Kongsberg Automotive's Interior Comfort Systems business unit (Kongsberg), whose comfort seating solutions include seat massage and lumbar and seat heat and ventilation.
Ray Scott, President and CEO, Lear, said, 'The acquisition of IGB furthers Lear's vertical integration strategy and advances our vision of being the leading provider of innovative thermal comfort solutions. Combining Lear's industry-leading seating expertise and Kongsberg's products and capabilities with IGB's cutting-edge technology will allow us to accelerate the commercialisation of efficient, high-performance seating systems that are aligned with the key priorities of our OEM customers and consumers alike.'
Josef Hilmer, CEO, IGB, said, 'I am confident that our employees will thrive in Lear's thermal comfort solutions business and continue to drive growth and innovation. Together, we can more efficiently and effectively achieve an optimised and integrated occupant comfort solution for our customers.'