Lear to Acquire Grupo Antolin's Seating Business

Lear Corp. says it has signed a definitive agreement to acquire Grupo Antolin's seating business for €286 million ($306 million). The deal is expected to be completed in the first half of 2017.

The French-based unit of the Spanish company has annual sales of about €300 million (321 million). The business, which provides just-in-time seat assembly, seat structures, mechanisms and trim. has 12 manufacturing facilities, two tech centers and nearly 2,300 employees throughout Europe.

Lear says the purchase will expand its seat component capabilities and help diversify the company’s global sales. Grupo Antolin lists Daimler, PSA, Renault-Nissan and Volkswagen among its largest customers.