Lear to acquire Comsberg's interior comfort division

Lear has officially reached a definitive agreement to acquire most of Kangsberg automotive's Interior Comfort Systems (ICS) business. Under the terms of the deal, Lear will acquire Kangsberg's automotive ICS business for €175m in cash and no debt. The transaction is expected to close in the first quarter of 2022, subject to regulatory approvals and other closing conditions. Depending on market conditions, the acquisition could be financed through debt financing.

Kangsberg's automotive ICS business unit focuses on comfort seat solutions, including massage, lumbar support, seat heating and ventilation. With nearly 50 years of experience and manufacturing, engineering and sales organizations in Asia, Europe and North America, ICS business units have a balanced global customer base and long-standing relationships with leading premium vehicle manufacturers.

With the closing of the transaction, Konsberg's automotive ICS business will join Lear with its global operations management team and more than 3,800 employees, and is expected to generate approximately $300 million in revenue this year.

Lear is one of the world's leading players in automotive seating and electrical and electronics technology. The acquisition of Konsberg's ICS business will further vertical integration and expand the product range, allowing Lear to focus on comfort seating solutions to improve vehicle performance and optimize vehicle integration. The move will benefit Lear as customers in various automotive segments increasingly demand these features.