The acquisition will further enhance Lear’s level of automation and artificial intelligence, and is expected to be completed in the third quarter of 2024

Lear, a global leader in automotive seats and electronic and electrical technology, announced a final agreement to acquire WIP Industrial Automation (hereinafter referred to as “WIP”). WIP is a private system integrator headquartered in Spain, specializing in providing advanced automation solutions for industrial applications. The transaction is still subject to regulatory approval and other customary transaction conditions, and is expected to be completed in the third quarter of 2024. The acquisition will further enhance Lear’s level of automation and artificial intelligence globally.

As a long-term supplier of Lear, WIP has 25 years of industry experience in the field of automation and is committed to providing customized solutions for industrial manufacturing through the development, integration, and deployment of cutting-edge automation and artificial intelligence technologies. After the acquisition is completed, WIP will bring powerful robotics technology and artificial intelligence based computer vision recognition capabilities to Lear, which is crucial for the company to continuously improve manufacturing safety, quality, and efficiency, and create a modern intelligent manufacturing environment. WIP can assist Lear in operating more efficiently, thereby better addressing current macroeconomic challenges such as wage increases caused by inflation.

This transaction is Li Erji’s latest strategic investment after successfully acquiring three companies: ASI Automation (“ASI”), Thagora Technology SRL (“Thagora”), and Touch Automation (“Touch”), aiming to further enhance the company’s automation and digital capabilities worldwide. In the future, by integrating the expertise of WIP with ASI, Thagora, and Touch, Lear will gain a powerful automation solution and technology portfolio that covers all key areas of manufacturing processes, accelerating the innovative development of next-generation automation technologies.

“The intelligent manufacturing engineering capabilities that WIP brings to Lear are crucial for driving innovative automation solutions for Lear’s global operations,” said Ray Scott, CEO and President of Lear. “This acquisition will support the company’s long-term strategy of strengthening our market leadership through excellent operations, and we warmly welcome the addition of the WIP team.”

“This transaction provides a good opportunity for WIP to become a world-class automotive company. In the future, we will be committed to integrating WIP’s expertise in robotics and artificial intelligence technology with Lear’s industry-leading experience in automotive product design, engineering, and manufacturing processes.” WIP CEO&Co owner Á ngel Rodr í guez Fern á ndez said, “Lear has been an important customer for us for many years, and we are delighted to join the Lear family. We look forward to continuing to utilize our comprehensive capabilities to explore and innovate in the future.”

About Lear Company

Lear Corporation is a global leader in automotive seating and electronic and electrical technology, committed to providing extraordinary automotive cabin experiences for consumers worldwide. The Lear team is composed of elite employees from 38 countries, who are the cornerstone of Lear’s continuous innovation, excellent operations, and sustainable development. Li Er’s business aims to provide global consumers with a safer, smarter, and more comfortable travel experience, and to practice the vision of “achieving a better driving experience” through technological innovation. Currently, Lear’s product technology and services cover major global automobile manufacturers. In the Fortune 500 of the United States, Lear ranks 189th. Lear’s global headquarters are located in Nanfield, Michigan, USA, and its Asia Pacific and China headquarters are located in Shanghai, China.

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