Lear Corporation, a leading worldwide supplier of automotive seating and electrical power management systems, has completed the acquisition of Guilford Mills, a global leader in automotive and specialty fabrics for a consideration of $ 257 million, a statement issued by Lear said.
Matthew J Simoncin, President and CEO of Lear said: "The acquisition of Guilford is consistent with our strategy to strengthen and grow our core businesses by expanding our component capabilities. 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".
Guilford has an estimated annual sales of $ 400 million, with 85 percent from automotive applications. Guilford's automotive division manufactures fabrics for a number of automotive interior applications, including seat fabric. Guilford has strong relationships with virtually all of the major global automakers including BMW, Chrysler, Ford, GM, Honda, Nissan, Toyota and Volkswagen.
Raymond Scott, Executive Vice President and President, Seating of Lear added: 'Guilford will provide additional technical expertise, global fabric design and manufacturing capacity to our existing world-class seat trim business'. Guilford's speciality products division makes high-technology fabrics for diverse end markets including water filtration, window covering, performance apparel, medical and other industrial applications. Guilford's specialty products customers include GE Water and Process Technologies, Hunter Douglas, Nike and Under Armour.
Guilford has strong textile design, development and manufacturing capabilities in the United States and Europe as well as a joint venture in China. The acquisition includes twelve locations in eight countries and around 1,600 employees globally.
Lear Corporation is one of the world's leading suppliers of automotive seating and electrical power management systems. The Company's world-class products are designed, engineered and manufactured by a diverse team of approximately 100,000 employees located in 35 countries. Lear's headquarters are in Southfield, Michigan.