Lear to Buy Seating Fabric Supplier

Lear Corp. says it has agreed to buy Guilford Mills, a supplier of textiles for auto seats, from private equity firm Cerberus Capital LP for an undisclosed price.

The companies expect to close the deal in the second quarter of this year.

Lear, which supplies automotive seating and electrical systems, says the acquisition will expand its global fabric design and development capabilities and bolster its operations in emerging markets.

Wilmington, N.C.-based Guilford generates about $400 million in annual revenue, 85% of which comes from automotive customers. Cerberus bought the company in 2004.