Lear Corporation, a global supplier of automotive seating and electrical distribution systems, today announced the completion of its acquisition of Eagle Ottawa, the world's leading supplier of premium automotive leather.
The transaction is valued at $850 million on a cash and debt free basis and is forecasted to be approximately 5% accretive to 2015 earnings per share, excluding synergies. Lear plans to announce its 2015 financial outlook, which will include Eagle Ottawa, next week during the North American International Auto Show in Detroit.
"We are very pleased to add Eagle Ottawa's world-class leather capabilities and welcome its 6,500 talented employees to Lear," said Matt Simoncini, Lear's President and CEO. "The acquisition of Eagle Ottawa is consistent with our strategy to invest in our business, accelerate our growth and deliver superior value to shareholders. This acquisition will enhance our global seating capabilities in the areas of craftsmanship, design options and overall value that we are able to provide to our customers."
Eagle Ottawa, which had been privately owned for nearly 50 years, will complement Lear's leading position in luxury and performance automotive seating.
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