Kongsberg Automotive (KA) has completed the sale of its Interior Comfort Systems (ICS) business unit to Lear Corporation (‘Lear’), following the approval by the European Commission on February 25, 2022.
The ICS business unit supplies seat climate and comfort systems to major car and seat manufacturers. Lear and KA entered into a master sale agreement on October 28, 2021, and the transaction closed on Feb 28, 2022 for an enterprise value of EUR 175 million.
“Thanks to both the teams for the smooth transaction. I am excited to see how ICS is further developed within Lear and wish everybody great success. With this sale, KA will now focus on strengthening our remaining product portfolio and pursuing mobility solutions for the future to become second to none in all we do,” said Joerg Buchheim, President & CEO of Kongsberg Automotive.
SOURCE: Kongsberg Automotive
