- Lear Corporation (NYSE: LEA) announced it entered into a definitive agreement to buy I.G. Bauerhin (IGB). These are the details.
Lear Corporation (NYSE: LEA) – a global automotive technology leader in Seating and E-Systems – announced it has entered into a definitive agreement to buy 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 is going to acquire IGB for €140 million, on a cash- and debt-free basis. The deal, subject to regulatory approvals and other customary closing conditions, is expected to close in the next six to nine months.
This deal, 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. And 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.
IGB is known as a global leader in seat climate control, is headquartered in Gruendau-Rothenbergen, Germany, and has over 4,000 employees at 9 manufacturing plants in 7 countries. And a provider of thermal comfort products since 1976, IGB content can be found on a large range of vehicle types, including luxury, high-volume, niche, and electric vehicles, produced by nearly all global automakers. IGB generated approximately €205 million in revenue in 2021.
KEY QUOTES:
“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 commercialization of efficient, high-performance seating systems that are aligned with the key priorities of our OEM customers and consumers alike.”
— Ray Scott, Lear President and CEO
“IGB is an established and well-respected premium thermal comfort solutions supplier. 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.”
— Frank Orsini, Lear Executive Vice President and President, Seating
“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 optimized and integrated occupant comfort solution for our customers.”
— Josef Hilmer, CEO of IGB
