SOUTHFIELD, Mich., June 3, 2024 -- Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, today announced that it has entered into a definitive agreement to acquire WIP Industrial Automation ("WIP"), a privately held systems integrator based in Spain that specializes in advanced automation solutions for industrial applications. The transaction, subject to regulatory approvals and other customary closing conditions, is expected to close by the third quarter of 2024.

WIP, a long-time Lear supplier with 25 years of automation experience, develops, integrates, and deploys cutting-edge technologies to create customized automation solutions for manufacturing applications. WIP brings strong robotics and AI-based computer vision capabilities to Lear, which are important for safety, quality, and efficiency in a modern manufacturing environment. WIP positions Lear to operate more efficiently, thus allowing the company to navigate current macroeconomic challenges, such as elevated wage inflation, more effectively.

This acquisition will be the latest of Lear's strategic investments designed to broaden its global automation and digital capabilities and builds on the company's successful integration of ASI Automation ("ASI"), Thagora Technology SRL ("Thagora"), and InTouch Automation ("InTouch"). The collective expertise of WIP, ASI, Thagora, and InTouch equip Lear with a robust portfolio of automation solutions and technical knowledge that span all critical areas of the manufacturing process and will accelerate innovation in the development of next-generation automation technologies.

"WIP brings valuable manufacturing engineering capabilities that are essential to advancing innovative automation solutions across our global operations," said Ray Scott, Lear President and CEO. "This acquisition will support Lear's long-term strategy to strengthen our market leadership through operational excellence. We are thrilled to welcome the WIP team to the Lear family."

"This transaction gives WIP a unique opportunity to become part of a world-class automotive company, marrying WIP's expertise in robotics and AI technologies with Lear's industry-leading knowledge in product design, engineering, and manufacturing processes," said Ángel Rodríguez Fernández, WIP CEO and co-owner. "Having valued Lear as a customer for many years, we are excited to join the Lear family and look forward to continuing to develop new innovations that leverage our combined capabilities."

About Lear Corporation

Lear, a global automotive technology leader in Seating and E-Systems, enables superior in-vehicle experiences for consumers around the world. Lear ranks 189 on Fortune 500. Further information is available at lear.com.