OTHER NEWS - July 18, 1995
<i> Times Staff and Wire Reports</i>
Lear Seating to Acquire Auto Parts Firm: The Southfield, Mich.-based company said it has reached an agreement to buy Automotive Industries Holding Inc. for $626 million. Automotive Industries, based in Minneapolis, makes car interior and engine components for auto makers in North America and Europe. It had 1994 revenue of $512 million and employs 8,000 people. Under the merger agreement, Lear Seating Corp. will pay $33.50 for each of the 18.7 million outstanding shares of Automotive Industries’ common stock. Lear Seating, the world’s leading supplier of automotive seating, had 1994 revenue of $3.1 billion. Lear has 25,000 employees and 79 facilities worldwide.
