LEAR
Acquisition of Antolin's seat unit is settled / Automotive supplier announces record year
 Car seats are once again in the focus of Lear’s activities (Photo: Lear) |
While its competitor Grammer (Amberg / Germany; www.grammer.com) is busy fighting a takeover battle, Lear (Southfield, Michigan / USA; www.lear.com) has agreed to pay EUR 286m in cash to Grupo Antolin (Burgos / Spain; www.grupoantolin.com) for the Spanish supplier’s car seat unit. Both companies have signed a binding agreement and the deal will be closed in the first six months of 2017.
The transaction includes 12 plants in Europe with almost 2,300 employees and an annual turnover of about EUR 300m. Antolin probably wants to refinance part of its 2015 takeover of Magna’s car interiors unit, which has contributed to make this business segment the new mainstay of the Spaniards.
Lear, for its part, will further expand its car seat division, which it has continually reinforced over the last few years. Shortly after creditor protection ended in 2009, the sales share of seats was only at 40%; now, it has recovered and is approaching 80%. In 2015 alone, the Americans have bought two companies, the Canadian leather manufacturer Eagle Ottawa and US seat cover specialist Guilford Mills, acquiring a combined annual turnover of almost USD 1.5m.
According to recently published figures, Lear has had a record-setting year in 2016: CEO Matt Simoncini has reported an annual revenue of nearly USD 18.6 bn (EUR 17.4 bn), an increase of 2% over the previous year. Net profit reached USD 975m, which is a significant improvement over USD 746m in 2015. Operating results increased by 17% to about USD 1.5 bn.
Of this, seats were responsible for USD 14.4 bn in revenue, also increasing by 2%. However, the margin of almost 8% was tighter than in the electronics segment that contributed the remaining USD 4.2 bn in sales. “E-Systems” achieved a margin of 14.1% and turned out to be far more profitable.
By region, the majority of sales were made in North America and Europe with USD 7.5 bn and 7.0 bn respectively, while sales in Asia contributed only about half of these figures. For the current business year, Simoncini is expecting sales of USD 19.5 bn and operating results of USD 1.6 bn. The continuous growth and business success of 2016 and Lear’s outlook for 2017 have put the final nail in the coffin of the 2015 rumours that the firm could be taken over by its rival Faurecia.
The transaction includes 12 plants in Europe with almost 2,300 employees and an annual turnover of about EUR 300m. Antolin probably wants to refinance part of its 2015 takeover of Magna’s car interiors unit, which has contributed to make this business segment the new mainstay of the Spaniards.
Lear, for its part, will further expand its car seat division, which it has continually reinforced over the last few years. Shortly after creditor protection ended in 2009, the sales share of seats was only at 40%; now, it has recovered and is approaching 80%. In 2015 alone, the Americans have bought two companies, the Canadian leather manufacturer Eagle Ottawa and US seat cover specialist Guilford Mills, acquiring a combined annual turnover of almost USD 1.5m.
According to recently published figures, Lear has had a record-setting year in 2016: CEO Matt Simoncini has reported an annual revenue of nearly USD 18.6 bn (EUR 17.4 bn), an increase of 2% over the previous year. Net profit reached USD 975m, which is a significant improvement over USD 746m in 2015. Operating results increased by 17% to about USD 1.5 bn.
Of this, seats were responsible for USD 14.4 bn in revenue, also increasing by 2%. However, the margin of almost 8% was tighter than in the electronics segment that contributed the remaining USD 4.2 bn in sales. “E-Systems” achieved a margin of 14.1% and turned out to be far more profitable.
By region, the majority of sales were made in North America and Europe with USD 7.5 bn and 7.0 bn respectively, while sales in Asia contributed only about half of these figures. For the current business year, Simoncini is expecting sales of USD 19.5 bn and operating results of USD 1.6 bn. The continuous growth and business success of 2016 and Lear’s outlook for 2017 have put the final nail in the coffin of the 2015 rumours that the firm could be taken over by its rival Faurecia.
13.02.2017 Plasteurope.com [236194-0]
Published on 13.02.2017
German version of this article...