(MENAFN) Lear, the automotive interiors systems maker, said it finalized the process of acquiring Guilford Mills for USD257 million, AP reported.
Lear will benefit from the buyout of the automotive and specialty fabrics company as it will provide its own seating business with technical expertise, fabric designs and additional manufacturing capacity.
Guilford's specialty products division produces fabrics for markets including water filtration, window covering, performance apparel, medical and other industrial applications.
Guilford also has textile design, development and manufacturing capabilities in the US and Europe, in addition to its joint venture in China.
Guilford posts annual sales of about USD400 million, with about 85 percent of that related to the automotive industry, and has strong ties to most of the world's major automakers including General Electric Co., Hunter Douglas NV, Nike Inc. and Under Armour Inc..
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