Lear Corporation (NYSE: LEA), a global automotive technology leader in Seating and E-Systems, said on Wednesday that it had finalized its acquisition of WIP Industrial Automation.
The company had previously said it entered into a definitive agreement to buy WIP on April 29th.
However, Lear Corp did not disclose any financial details of the agreement.
Based in Valladolid, Spain, WIP develops, integrates and deploys cutting-edge technologies to create customized automation solutions for production applications.
WIP is to offer strong robotics and AI-based computer vision capabilities to Lear Corp.
“As a trusted, long-time supplier to Lear, we are happy to welcome WIP and its employees to the Lear family,” Ray Scott, Lear Corp’s President and CEO, said in a press release.
“With our collective resources, we will deepen our technical knowledge base and broaden opportunities to grow our business, improve profitability and respond faster to our customers with innovative solutions.”
Stock Performance
The shares of Lear Corporation (LEA) closed 0.11% ($0.14) higher at $123.95 in New York on Wednesday, as they extended the gain from the previous market session.
The company’s total market cap now stands at $7.039 billion.
The shares of Lear Corporation (LEA) went up 13.86% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have retreated 12.22% so far this year.
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