[Author Prev][Author Next][Thread Prev][Thread Next][Author Index][Thread Index]
Fwd: Lear Corporation Enters into Definitive Agreement to Acquire Keiper Car ...
In a message dated 97-05-27 10:51:29 EDT, AOL News writes:
<< SOUTHFIELD, Mich., May 27 /PRNewswire/ -- Lear Corporation (NYSE: LEA)
announced today that it has entered into a definitive agreement with Putsch
GmbH & Co. KG, KEIPER GmbH & Co. and certain of their affiliates. The
agreement calls for Lear, one of the world's leading independent suppliers
of
automotive interior systems, to acquire the equity and partnership interests
in Keiper Car Seating GmbH & Co. and certain of its subsidiaries and
affiliates (collectively, "Keiper Car Seating" or "KCS") for DM 400 million,
or approximately $235 million. The combination will significantly enhance
Lear's position as the world's largest independent manufacturer of seat
systems.
Keiper Car Seating develops, produces and supplies automotive
vehicle seat
systems on a just-in-time basis, for markets in Germany, Brazil, Italy and
South Africa. In 1996, KCS had sales of DM 919 million, or approximately
$615 million. Significant customers of Keiper Car Seating include Mercedes
Benz, Audi and Volkswagen. The company currently has over 2,000 employees.
Commenting on the acquisition, Kenneth L. Way, Chairman and CEO of
Lear
Corporation stated, "The acquisition of Keiper Car Seating significantly
strengthens our global growth opportunities and simultaneously enhances our
relationships with some of Europe's leading automotive manufacturers. KCS's
operations are an excellent fit with ours, as both are world renowned for
quality and technological expertise. Together, we broaden our lead as the
premier automotive supplier -- a company of nearly 50,000 employees who are
able to provide world class total interior systems to our global customers.
We look forward to expanding the penetration of KCS's high quality products
into new world-wide markets."
Ulrich Putsch, Chairman and CEO of Putsch GmbH & Co. stated,
"After an
extensive evaluation of the strategic options available to us in today's
global automotive seating industry, we concluded that a sale of our KCS
Division to Lear would not only be in the best interests of both
organizations, but would also represent the best course of action for KCS's
customers and employees." George Konstantinou, Managing Director of KCS
added, "Lear and Keiper Car Seating each have excellent reputations for
delivering high-quality seat systems. Lear's market leadership, experience
and established relationships with the world's automotive manufacturers
should
allow us to significantly expand the penetration of KCS's product lines
around
the world."
Consummation of the transaction is subject to clearance by the
Antitrust
Commission of the European Union.
A Fortune 250 Company, Lear Corporation is one of the world's
largest
automotive suppliers, with 1996 sales of over $6.2 billion. The Company's
world class products are manufactured by approximately 45,000 employees in
over 140 facilities located in 22 countries. >>
---------------------
Forwarded message:
Subj: Lear Corporation Enters into Definitive Agreement to Acquire Keiper
Car Seating
Date: 97-05-27 10:51:29 EDT
From: AOL News
SOUTHFIELD, Mich., May 27 /PRNewswire/ -- Lear Corporation (NYSE: LEA)
announced today that it has entered into a definitive agreement with Putsch
GmbH & Co. KG, KEIPER GmbH & Co. and certain of their affiliates. The
agreement calls for Lear, one of the world's leading independent suppliers of
automotive interior systems, to acquire the equity and partnership interests
in Keiper Car Seating GmbH & Co. and certain of its subsidiaries and
affiliates (collectively, "Keiper Car Seating" or "KCS") for DM 400 million,
or approximately $235 million. The combination will significantly enhance
Lear's position as the world's largest independent manufacturer of seat
systems.
Keiper Car Seating develops, produces and supplies automotive
vehicle seat
systems on a just-in-time basis, for markets in Germany, Brazil, Italy and
South Africa. In 1996, KCS had sales of DM 919 million, or approximately
$615 million. Significant customers of Keiper Car Seating include Mercedes
Benz, Audi and Volkswagen. The company currently has over 2,000 employees.
Commenting on the acquisition, Kenneth L. Way, Chairman and CEO of
Lear
Corporation stated, "The acquisition of Keiper Car Seating significantly
strengthens our global growth opportunities and simultaneously enhances our
relationships with some of Europe's leading automotive manufacturers. KCS's
operations are an excellent fit with ours, as both are world renowned for
quality and technological expertise. Together, we broaden our lead as the
premier automotive supplier -- a company of nearly 50,000 employees who are
able to provide world class total interior systems to our global customers.
We look forward to expanding the penetration of KCS's high quality products
into new world-wide markets."
Ulrich Putsch, Chairman and CEO of Putsch GmbH & Co. stated, "After
an
extensive evaluation of the strategic options available to us in today's
global automotive seating industry, we concluded that a sale of our KCS
Division to Lear would not only be in the best interests of both
organizations, but would also represent the best course of action for KCS's
customers and employees." George Konstantinou, Managing Director of KCS
added, "Lear and Keiper Car Seating each have excellent reputations for
delivering high-quality seat systems. Lear's market leadership, experience
and established relationships with the world's automotive manufacturers
should
allow us to significantly expand the penetration of KCS's product lines
around
the world."
Consummation of the transaction is subject to clearance by the
Antitrust
Commission of the European Union.
A Fortune 250 Company, Lear Corporation is one of the world's
largest
automotive suppliers, with 1996 sales of over $6.2 billion. The Company's
world class products are manufactured by approximately 45,000 employees in
over 140 facilities located in 22 countries.
Information about Lear and its products is available on the
Internet at
http://www.lear.com
CO: Lear Corporation; Putsch GmbH & Co. KG; KEIPER GmbH & Co.; Keiper
Car
Seating GmbH & Co.
ST: Michigan
IN: AUT
SU: TNM
To edit your profile, go to keyword NewsProfiles.
For all of today's news, go to keyword News.