Lear to acquire I.G. Bauerhin
Automotive technology company, Lear Corporation, has entered into a definitive agreement to acquire I.G. Bauerhin (IGB), a supplier of automotive seat heating, ventilation, active cooling, steering wheel heating, seat sensors, and electronic control modules.
Lear will acquire IGB for EUR 140 million, on a cash- and debt-free basis. The transaction – which is subject to regulatory approvals – is expected to close in the next six to nine months.
The transaction will be Lear’s second acquisition of a thermal comfort solutions company, and will expand the company’s product capabilities into active cooling. 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,” says Ray Scott, Lear President and CEO in a press release. “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 generated approximately EUR 205 million in revenue in 2021.