NORTH AMERICAN BUSINESS
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
NORTH AMERICAN BUSINESS
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS
No Result
View All Result
NORTH AMERICAN BUSINESS
No Result
View All Result
Home ALL Automotive

Lear to Acquire Kongsberg Automotive’s Interior Comfort Systems Business Unit

by Ed Johnson
October 29, 2021
A A

SOUTHFIELD, Mich., Oct. 28, 2021 – Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that it has entered into a definitive agreement to acquire substantially all of Kongsberg Automotive’s Interior Comfort Systems (ICS) business unit.

Kongsberg Automotive’s ICS business unit specializes in comfort seating solutions, with a leadership position in seating product areas experiencing growth within the auto industry – massage, lumbar, seat heat and ventilation. With almost 50 years of experience, the ICS business unit has cutting-edge technology, a well-balanced customer portfolio built on longstanding relationships with leading premium automakers and an experienced and dedicated team.

The purchase of Kongsberg Automotive’s ICS business unit will further advance Lear’s vertical integration and expand product offerings into specialized comfort seating solutions that improve vehicle performance and packaging – important benefits as more customers demand these features across various vehicle segments.

“By integrating Kongsberg Automotive’s Interior Comfort Systems business unit into our operations, we will build on our strengths in design, engineering and operational excellence – advancing our strategy to offer a complete suite of premier comfort seat systems to our customers and ultimately to consumers,” said Ray Scott, Lear President and CEO. “This acquisition represents an opportunity for Lear to capture more content-per-vehicle by providing an optimized solution with a better value proposition for our customers, in terms of cost, quality and performance. Lear looks forward to welcoming the talented ICS workforce to our team.”

Under the terms of the deal, Lear will acquire Kongsberg Automotive’s ICS business unit for €175 million, on a cash and debt free basis. The transaction, subject to regulatory approvals and other customary closing conditions and adjustments, is expected to close in the first quarter of 2022. Market dependent, the acquisition will likely be funded through debt financing.

Lear is leading an era of unprecedented evolution in automotive seating innovation. The acquisition of Kongsberg Automotive’s ICS business unit will provide additional resources to proactively adapt to emerging market trends and customer demand.

“As automakers look for greater product differentiation, increased efficiency and improved performance, especially in the luxury, SUV and electric vehicle segments, Lear is integrating seating comfort with more features,” said Frank Orsini, Lear Executive Vice President and President, Seating. “This acquisition complements our strategic portfolio of vertically integrated design solutions and comfort capabilities.”

Kongsberg Automotive’s ICS business unit brings operational leadership personnel and more than 3,800 employees globally from its production, engineering and sales facilities throughout Asia, Europe and North America and is expected to generate approximately $300 million in revenue this year.

“I am convinced our ICS employees will be in good hands and continue to thrive at a much larger scale at Lear, our longstanding partner,” said Joerg Buchheim, President and CEO of Kongsberg Automotive, adding, “For Kongsberg Automotive, the transaction provides us the room for additional financial maneuvering and allows us to fully concentrate on our path towards highly-focused and profitable growth.”

Tags: < Invest | M&A
ShareTweetShareSend

Related Industries

Automotive

SKF increases regionalization in North America

February 3, 2023
Automotive

Hyundai Motor America Reports Record-Breaking January 2023 Sales

February 2, 2023
Automotive

Hyundai Motor North America Promotes Michael Stewart to Public Relations and Communications Director

January 14, 2023
Automotive

Ford’s John Savona to Retire in March, Closing 33-Year Career; Bryce Currie Will Lead Americas Manufacturing, Labor Affairs

January 12, 2023
Automotive

Ford Joins the Virtual Power Plant Partnership as a Founding Member to Support Grid Resiliency and Emissions Reductions

January 11, 2023
Automotive

Mercedes-Benz to launch global branded high-power charging network, starting in North America

January 6, 2023

Honeywell Identifies Top Building Technology Trends For 2023

January 11, 2023

...

PriceSmart Announces Joint Technology Platform Project with Toshiba Global Commerce Solutions

January 17, 2023

...

IHG Hotels & Resorts Donates $500,000 to AHLA Foundation Human Trafficking Survivor Fund

January 25, 2023

...

Hyundai Motor North America Promotes Michael Stewart to Public Relations and Communications Director

January 14, 2023

...

Marriott International Announces Instant Booking Solution for Meetings and Events With Groups360

January 19, 2023

...

Baxter Announces Strategic Actions to Enhance Operational Effectiveness, Accelerate Innovation for Patients and Drive Value for Shareholders

January 7, 2023

...

Kohler Co. Appoints Laura Kohler as Company’s First Chief Sustainability and DEI Officer

January 20, 2023

...

SKF increases regionalization in North America

February 3, 2023

...

Hilton Unveils New Brand, Spark by Hilton, a Value‑Driven Offering That Proudly Delivers Reliable Essentials and Friendly Service

January 12, 2023

...

NORTH AMERICAN BUSINESS (www.na-biz.com) is a leading source of business and corporate news, information, industry trends, market updates and insights across a broad spectrum of industries in North America and worldwide.

INDUSTRIES

  • Aero
  • Agriculture
  • ALL
  • Automotive
  • Business Service
  • Chemical
  • Construction
  • Construction Materials
  • Consumer
  • Education
  • Energy
  • Entertainment
  • Environmental
  • F&B
  • Financial
  • Healthcare
  • Hospitality
  • Industrial
  • IT
  • IT Hardware
  • Logistic
  • Metal & Mining
  • Packaging & Paper
  • Rail
  • Real Estate
  • Telecom

CONTACT US

EDITORIAL:     editor#na-biz.com

PARTNERSHIP:     biz#na-biz.com

HUMAN RESOURCE:     hr#na-biz.com

* (replace # with @)

  • Official Site

Copyright © NA-BIZ.COM All rights reserved.

No Result
View All Result
  • HOME
  • SUSTAINABILITY
  • INVEST
  • MARKET
  • PARTNERSHIP
  • INNOVATION
  • PEOPLE
  • INSIGHTS

Copyright © NA-BIZ.COM All rights reserved.