Lear closes $307 million deal with Grupo Antolin

Lear Corp. has completed acquisition of Grupo Antolin’s automotive seating unit in a deal valued at $307 million on a cash and debt-free basis, according to an announcement from Lear on Friday.

The Southfield-based auto supplier of seating and electrical systems expects the acquisition to boost sales abroad by adding strength for the company among European automakers. The deal was first announced in February.

Grupo Antolin, a supplier of auto interiors based in Burgos, Spain, operates in five countries. Its seating business, which has an annual revenue of about $327 million, is headquartered in France and includes 12 manufacturing facilities, two technological centers and 2,273 employees, according to a news release.

The largest players in the seating business — Novi-based Magna International Inc., Plymouth-based Adient Inc. and Lear — have been competing for market share in an increasingly consolidated business.

Lear’s sales rose 2 percent last year to $18.56 billion.

Source: Crain´s Detroit Business