SOUTHFIELD, Mich. (AP) -- Lear, the auto supplier, has completed its acquisition of Guilford Mills for $257 million.
Lear said the addition of the automotive and specialty fabrics company will provide its own seating business with technical expertise, fabric designs and additional manufacturing capacity.
Guilford posts annual sales of about $400 million, with about 85 percent of that related to the automotive industry, and has strong ties to most of the world's major automakers, Lear said.
Guilford's specialty products division produces fabrics for markets including water filtration, window covering, performance apparel, medical and other industrial applications. Its customers include General Electric Co., Hunter Douglas NV, Nike Inc. and Under Armour Inc., Lear said.
The company has textile design, development and manufacturing capabilities in the U.S. and Europe, along with a joint venture in China. About 1,600 workers are employed at its 12 locations in eight countries, Lear said.
Shares of Lear Corp., based in Southfield, Mich., fell 80 cents, or 2 percent, to $39.20 in afternoon trading.
