WIP provides automated solutions and AI-based
technologies for complex industrial challenges
SOUTHFIELD, Mich., July 17,
2024 /PRNewswire/ -- Lear Corporation (NYSE: LEA), a
global automotive technology leader in Seating and E-Systems, has
completed its acquisition of WIP Industrial Automation ("WIP").
Lear previously announced it had entered into a definitive
agreement to acquire WIP on April 29,
2024.
WIP, based in Valladolid, Spain, develops, integrates, and deploys
cutting-edge technologies to create customized automation solutions
for production applications. WIP brings strong robotics and
AI-based computer vision capabilities to Lear, which are important
for safety and quality in a modern manufacturing environment. The
acquisition of WIP also allows Lear to operate more efficiently,
thus allowing the company to navigate current macroeconomic
challenges, such as elevated wage inflation, more effectively.
The acquisition builds upon 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
utilize technology and innovation to develop products and extend
its leadership in operational excellence. Collectively, these
acquisitions equip Lear with a robust portfolio of automation
solutions and expertise that spans all critical areas of
manufacturing and will accelerate the development of
next-generation automation technologies.
"As a trusted, long-time supplier to Lear, we are happy to
welcome WIP and its employees to the Lear family," said
Ray Scott, Lear President and CEO.
"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."
Terms of the transaction were not disclosed.
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's diverse team of talented employees in 38
countries is driven by a commitment to innovation, operational
excellence, and sustainability. Lear is Making every drive better™
by providing the technology for safer, smarter, and more
comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every major
automaker in the world and ranks 174 on the Fortune 500. Further
information about Lear is available at lear.com.
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SOURCE Lear Corporation
