- 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