Lear Corporation to Acquire Spanish Automation Leader WIP

Lear Corporation has entered into an agreement to acquire WIP Industrial Automation, a Spanish company specializing in advanced automation solutions. The deal is expected to close by Q3 2024, enhancing Lear's capabilities in robotics and AI technologies. The acquisition aligns with Lear's strategy to strengthen market leadership through innovation.

PTI | Southfield | Updated: 03-06-2024 17:53 IST | Created: 03-06-2024 17:53 IST
Lear Corporation to Acquire Spanish Automation Leader WIP
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Lear Corporation (NYSE: LEA), a global leader in automotive technology, has announced its agreement to acquire WIP Industrial Automation. WIP, a Spanish-based systems integrator with 25 years of experience, specializes in advanced automation solutions for industrial applications. Official closing is anticipated by the third quarter of 2024, pending regulatory approvals and other conditions.

WIP has long been a trusted supplier for Lear, known for developing cutting-edge technologies such as robotics and AI-based computer vision. These technologies are vital for ensuring safety, quality, and efficiency in modern manufacturing environments. The acquisition will allow Lear to operate more effectively and navigate macroeconomic challenges like elevated wage inflation.

This move follows Lear's strategic investments in ASI Automation, Thagora Technology SRL, and InTouch Automation. Together, these acquisitions bolster Lear's automation and digital capabilities, providing a comprehensive portfolio that spans critical areas of the manufacturing process. As Lear President and CEO Ray Scott stated, the acquisition supports the company's long-term strategy for market leadership through operational excellence.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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