“Lear is leading an era of unprecedented evolution and growth in automotive seating innovation. As automakers seek greater product differentiation, increased efficiency and improved performance – particularly in the luxury, SUVs and EVs – Lear offers seats with thermal systems and more integrated thermal and high-end features,” said Ray Scott, Lear President and CEO. “We are delighted to welcome the ICS team to Lear. With a well-deserved reputation for talent and experience, the team is a valuable addition to the Lear family.”
As previously announcedLear acquired the ICS business unit for 175 million euros ($198 million), on a cash and debt-free basis, financed by a debt financing closed in the fourth quarter of 2021. The ICS business unit brings together operational management personnel and more than 3,800 employees working in four production sites and four technical centers on three continents. It is expected to generate revenue of approximately $200 million This year.
“Personal transportation continues to evolve with advances in electric vehicle and self-driving technologies, and consumers are placing greater importance on interior comfort. A perfect complement to our product portfolio, the strategic acquisition of ICS will help us bring new technologies and a full suite of thermal comfort systems to our customers, allowing us to drive emerging market trends and capture more content. per vehicle,” said Frank Orsini, Lear Executive Vice President and President, Seating. “With a shared track record of world-class safety, quality and innovation, operational excellence and an unwavering commitment to exceeding customer expectations, we are delighted to welcome the ICS team to Lear.”
About Lear Corporation
Lear, a global automotive technology leader in seating and electronic systems, empowers consumers around the world with premium in-car experiences. Lear’s diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence and sustainability. Lear makes every drive better™ by providing the technology for safer, smarter and more comfortable journeys. Lear, headquartered in Southfield, MIserves all of the world’s major automakers and ranks 179 on the Fortune 500. More information about Lear is available at lear.com or on Twitter @LearCorporation.
About Kongsberg Automotive ASA
Kongsberg Automotive provides advanced technology to the global automotive industry. We are driving the global transition to sustainable mobility by putting engineering, sustainability and innovation into practice. With approximately 11,000 employees in 19 countries, Kongsberg Automotive is truly an international supplier of automotive technology. The company has more than 27 production sites around the world. Our product portfolio includes driver and motion control systems, fluid assemblies and industrial driver interface products. More information on: kongsbergautomotive.com
SOURCE Lear Corporation