Lear Completes Acquisition of WIP Industrial Automation

WIP delivers automated solutions and AI-based technologies to solve complex industrial problems

SOUTHFIELD, Michigan., July 17, 2024 /PRNewswire/ — Lear Corporation (NYSE: LEA), a global leader in automotive technology for seating and electrical systems, has completed its acquisition of WIP Industrial Automation (“WIP”). Lear previously announced that it had entered into a definitive agreement to acquire WIP April 29, 2024.

WIP based in Valladolid, Spaindevelops, integrates and deploys cutting-edge technologies to create customized automation solutions for manufacturing applications. WIP brings to Lear strong AI-based robotics and computer vision capabilities that are critical to safety and quality in the modern manufacturing environment. The acquisition of WIP also enables Lear to operate more efficiently, enabling the company to better address current macroeconomic challenges, such as high wage inflation.

The acquisition builds on Lear’s successful integration of ASI Automation, Thagora Technology SRL and InTouch Automation as part of IDEA by Lear, the next phase of the company’s strategy to leverage technology and innovation to drive product development and expand its leadership in operational excellence. Together, these acquisitions equip Lear with a robust portfolio of automation solutions and expertise that spans all critical manufacturing areas and will accelerate the development of next-generation automation technologies.

“As a trusted, long-time supplier to Lear, we are pleased to welcome WIP and its employees to the Lear family,” said Ray ScottLear President and CEO. “Our collective resources will deepen our technical knowledge base and expand our capabilities to grow our business, improve profitability and respond more quickly to our customers’ needs with innovative solutions.”

The terms of the transaction were not disclosed.

About Lear Corporation

Lear, a global leader in automotive technology for seating and electric systems, delivers superior in-vehicle experiences to customers around the world. Lear’s diverse team of talented employees in 38 countries is driven by a commitment to innovation, operational excellence and sustainability. Lear Makes Every Ride Better™ by delivering technology that makes travel safer, smarter and more comfortable. Lear, headquartered in Southfield, Michiganserves all major automakers worldwide and is ranked 174th on the Fortune 500 list. More information about Lear is available at lear.com.

View original content to download multimedia: https://www.prnewswire.com/news-releases/lear-finalizes-acquisition-wip-industrial-automation-302199404.html

SOURCE Lear Corporation