Lear to Acquire I.G. Bauerhin
Lear Corporation 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 $149 million, on a cash- and debt-free basis, the company said. The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close in the next six to nine months.
In February, Lear acquired substantially all of Kongsberg Automotive’s Interior Comfort Systems business unit (Kongsberg), whose comfort seating solutions include seat massage and lumbar, as well as seat heat and ventilation, the company 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,” said Ray Scott, Lear President and CEO. “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 commercialization of efficient, high-performance seating systems that are aligned with the key priorities of our OEM customers and consumers alike.”
IGB is headquartered in Gruendau-Rothenbergen, Germany and has more than 4,000 employees at nine manufacturing plants in seven countries.
“IGB is an established and well-respected premium thermal comfort solutions supplier,” said Frank Orsini, Lear executive vice president and president, Seating. “Their capabilities will allow Lear to grow our Seating business and continue to offer superior in-vehicle experiences to our customers. We look forward to welcoming the IGB team to the Lear family.”
“I am confident that our employees will thrive in Lear’s thermal comfort solutions business and continue to drive growth and innovation,” said Josef Hilmer, CEO of IGB. “Together, we can more efficiently and effectively achieve an optimized and integrated occupant comfort solution for our customers.”
