SOUTHFIELD — Automotive seating and electrical system supplire Lear Corp. (NYSE: LEA) said Tuesday it had completed its acquisition of Auburn Hills-based automotive leather supplier Eagle Ottawa.
The deal, first announced in late August, is valued at $850 million. Lear said the acquisition would add about 5 percent to its 2015 earnings per share, not counting “synergies” that will allow the combined companies to cut costs,
Lear said it plans to announce its 2015 financial outlook, which will include Eagle Ottawa, next week during the North American International Auto Show in Detroit.
Said Matt Simoncini, Lear 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 dates back 150 years and has been privately owned by the same owners for almost 50 years.
Lear has about 125,000 employees across 36 countries, and had sales of $16.2 billion in 2013, ranking No. 177 on the Fortune 500. Eagle Ottawa employs about 6,500 people in 19 plants in 12 countries.
More at www.lear.com or www.eagleottawa.com.