Lear to Acquire WIP Industrial Automation Strategically in Order to Boost Automation and AI Capabilities

June 3, 2024, SOUTHFIELD, MI /PRNewswire/ -- A definitive agreement has been reached by Lear Corporation (NYSE: LEA), a leader in automotive technology globally for Seating and E-Systems, to acquire WIP Industrial Automation ("WIP"), a privately held systems integrator with headquarters in Spain that specializes in cutting-edge automation solutions for industrial applications. By the third quarter of 2024, the acquisition is anticipated to completion, subject to regulatory clearances and other standard closing conditions.With 25 years of automation experience, WIP has been a trusted Lear supplier. They develop, integrate, and implement state-of-the-art technology to offer bespoke automation solutions for manufacturing applications. WIP provides Lear with robust robotics and AI-based computer vision capabilities, which are critical for productivity, quality, and safety in a contemporary production setting.

WIP puts Lear in a more advantageous operating position, enabling the business to more skillfully handle the macroeconomic difficulties of the present, like high wage inflation.This acquisition expands on Lear's previous successful integration of ASI Automation ("ASI"), Thagora Technology SRL ("Thagora"), and InTouch Automation ("InTouch"). It will be the company's newest strategic investment aimed at expanding its global automation and digital capabilities. Lear benefits from a broad range of automation solutions and technical knowledge covering all important aspects of the manufacturing process, thanks to the combined expertise of WIP, ASI, Thagora, and InTouch. This will spur innovation in the creation of next-generation automation technologies.Ray Scott, President and CEO of Lear, stated, "WIP brings valuable manufacturing engineering capabilities that are essential to advancing innovative automation solutions across our global operations." "This acquisition will help Lear achieve its long-term goal of improving our operational excellence and market leadership. We are ecstatic to have the WIP crew join the Lear family.