SOUTHFIELD, Mich. – Lear Corp. announced that it has completed the acquisition of Guilford Mills, a global leader in automotive and specialty fabrics. The purchase price was $257 million.
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 12 locations in eight countries.
"The acquisition of Guilford is consistent with our strategy to strengthen and grow our core businesses by expanding our component capabilities," said Matt Simoncini, Lear’s president and CEO. "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 annual sales of approximately $400 million, with 85 percent from automotive applications. Guilford’s Automotive Division produces fabrics for a number of automotive interior applications, including seat fabric. The company has strong relationships with virtually all of the major global automakers including BMW, Chrysler, Ford, GM, Honda, Nissan, Toyota and Volkswagen.
Ray Scott, Lear’s executive vice president and president, seating added, "Guilford will provide additional technical expertise, global fabric design and manufacturing capacity to our existing world-class seat trim business."
