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.
SOURCE Lear Corporation
