Lear will update its 2017 financial outlook to include Grupo Antolin's seating business on July 26th when the Company announces its Second Quarter 2017 financial results. The transaction is valued at €286 million on a cash and debt free basis and is forecasted to be accretive to 2017 earnings per share. Grupo Antolin's seating business is comprised of just-in-time seat assembly, seat structures & mechanisms and seat covers, and is well positioned among the largest European automakers, including Daimler, Peugeot Citroen, Renault Nissan and Volkswagen. Grupo Antolin's seating business has annual sales of approximately €300 million with operations in five countries in Europe and North Africa. Related Links:Ġ5/17/17 - Grupo Antolin to break ground on $61.2 million auto parts facility in Shelby Township - Click On DetroitĠ5/16/17 - Auto supplier bringing 430 jobs to Macomb County - Detroit Free PressĠ2/28/17 - Spanish supplier to open $61.SOUTHFIELD, Mich., Ap/PRNewswire/ - Lear Corporation (NYSE: LEA), a leading global supplier of automotive seating and electrical systems, today announced the completion of its acquisition of Grupo Antolin's automotive seating business. As such, Shelby Antolin intends to explore opportunities with our department’s Manufacturing Day event and the SME Education Foundations’ PRIME program. The company is also working with Macomb Community College's Michigan Technical Education Center to apply for the Michigan New Jobs Program, through which they may be eligible for free employee training.Īdditionally, the company is interested in connecting high school students to careers in manufacturing. By utilizing training programs offered through Michigan Works!, Grupo Antolin can potentially save $365,279.
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