Lear In Acquisition Spree - Buys Seat Climate Control Provider IGB - Lear (NYSE:LEA)

Lear Corporation LEA has agreed to acquire I.G. Bauerhin, an automotive seat heating, ventilation, active cooling, and electronic control modules supplier, for €140 million.
LEA expects the acquisition to expand its product capabilities into active cooling and complement its existing offerings.
The transaction marks Lear's second acquisition of a thermal comfort solutions company. In February, Lear acquired substantially all of Kongsberg Automotive's Interior Comfort Systems business unit.
Also Read: Lear Buckles In This Romania-Based Seating Materials Specialist
IGB is based in Gruendau-Rothenbergen, Germany, and has over 4,000 employees at nine manufacturing plants in seven countries. IGB generated approximately €205 million in revenue in 2021.
"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 CEO Ray Scott.
Lear held $1.2 billion in cash and equivalents as of April 2, 2022. The deal is expected to close in the next six to nine months.
Lear disclosed yesterday that its Board had authorized a two-year extension of its share repurchase authorization to December 31, 2024. At Q1 end, Lear had $1.3 billion remaining authorization.
LEA's quarterly cash dividend of $0.77 per share is payable on June 29, 2022, to shareholders of record on June 10, 2022.
Price Action: LEA shares are trading lower by 0.82% at $132.32 on the last check Friday.