Lear to Buy UT Automotive for $2.3 Billion

Auto parts maker Lear Corp. said it has agreed to buy United Technologies Corp.’s automotive unit for $2.3 billion as it seeks to expand its presence in the instrument panel market. Lear’s bid for UT Automotive Inc., a supplier of electronic, motor and interior products for the auto industry, apparently has topped a competing offer from investment firm Blackstone Group. On Monday, the Financial Times of London reported that Blackstone was close to a $2.25-billion deal for the unit. The Lear-UT pact is the latest in a series of merger deals as the global auto parts industry consolidates. In January, TRW Inc. agreed to buy LucasVarity for $6.6 billion, and last year Dana Corp. bought Echlin Inc. for $3.9 billion. Shares of Southfield, Mich.-based Lear gained $1.25 to close at $36.38, while Hartford, Conn.-based United Technologies rose 25 cents to $129.63. The Lear agreement was announced after the close of trading.