Lear (LEA), a supplier of automotive seating and electrical power management systems, has acquired Guilford Mills, a provider of automotive and specialty fabrics, for $257m.
The company said that the acquisition will strengthen and grow its core businesses by expanding its component capabilities.
Guilford posts annual sales of about $400m, with about 85% of that related to the automotive industry.
Its automotive division produces fabrics for a number of automotive interior applications, including seat fabric, for its customers including BMW, Chrysler, Ford, GM, Honda, Nissan, Toyota and Volkswagen.
Lear president and CEO Matt Simoncini said," By acquiring Guilford, we will enhance the value, quality and level of craftsmanship that we are able to provide to our customers and increase opportunities for future business growth."
Lear executive vice president and president of seating Ray Scott said," Guilford will provide additional technical expertise, global fabric design and manufacturing capacity to our existing world-class seat trim business."
