PR96143

SOUTHFIELD, Mich. dldate May 25, 2022 /PRNewswire=KYODO JBN/ --

- Acquisition to accelerate strategy in thermal comfort solutions

Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating

and E-Systems, recently announced it has entered into a definitive agreement to

acquire I.G. Bauerhin (https://www.bauerhin.com/kunden/)(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 Euros 140 million, on a cash- and debt-free basis.

The transaction, subject to regulatory approvals and other customary closing

conditions, is expected to close in the next six to nine months.

The transaction, 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.  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 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, a global leader in seat climate control, is headquartered in

Gruendau-Rothenbergen, Germany and has more than 4,000 employees at nine

manufacturing plants in seven countries. 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 Euros 205 million in revenue

in 2021.

"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."

About Lear Corporation

Lear, a global automotive technology leader in Seating and E-Systems, enables

superior in-vehicle experiences for consumers around the world. Lear's diverse

team of talented employees in 38 countries is driven by a commitment to

innovation, operational excellence, and sustainability. Lear is Making every

drive better(TM) by providing the technology for safer, smarter, and more

comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every

major automaker in the world and ranks 179 on the Fortune 500. Further

information about Lear is available at lear.com or on Twitter @LearCorporation.

SOURCE: Lear Corporation