Lear Corporation All Set to Open a New Plant in Gostivar
Published By : 20 May 2015 | Published By : QYRESEARCH
Lear Corporation has made an announcement that they will be opening a new automotive plant in this summer itself in Gostivar, which is in Macedonia. This will be Lear’s first unit in the Macedonia region. The unit will be employing about 300 people and the unit will be used for the manufacturing of seat covers. The unit will be laying emphasis on the fabric and leather cutting, and the sewing capabilities.
Lear Corporation presently provides services to all the major automotive manufacturers around the world. The company is anticipated to continue with its plans of expansion in the near future.
In January 2015, Lear Corporation became the biggest supplier across the globe for premium automotive leather along with the acquisition of the Eagle Ottawa. The company paid an amount of US$850 million for this deal, which was on a debt-free and cash basis. For this deal, the company made financial arrangements by raising a debt, despite from using its cash on hand.
MI-based Eagle Ottawa, Auburn Hills, was formally owned by a Milwaukee-based investment organization, Everett Smith Group. The company’s customers comprises several prominent automobile manufacturers such as Chrysler, BMW, Jaguar Land Rover, Ford Motors, General Motors Company, Honda Motor Co., and Hyundai to list a few.
The acquisition of the Eagle Ottawa has complimented the Lear Corporation’s business of car seats in addition to raising its premium leather capabilities. This will diversify the Lear Corporation’s customer mix and will also enable them to offer substantial customized range of products. Moreover, it will also present operating synergies and sales to Lear, and will aid in enhancing the quality of products while reducing the costs.