M&A Deal Summary

Lear Acquires UT Automotive

On May 4, 1999, Lear acquired automotive company UT Automotive from RTX for 2.3B USD

Acquisition Highlights
  • This is Lear’s 8th transaction in the Automotive sector.
  • This is Lear’s largest (disclosed) transaction.
  • This is Lear’s 3rd transaction in the United States.
  • This is Lear’s 1st transaction in Michigan.

M&A Deal Summary

Date 1999-05-04
Target UT Automotive
Sector Automotive
Buyer(s) Lear
Sellers(s) RTX
Deal Type Divestiture
Deal Value 2.3B USD

Target

UT Automotive

Dearborn, Michigan, United States
UT Automotive is a supplier of motor, interior, electronic and electrical products to the automotive industry.

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Buyer(S) 1

Buyer

Lear

Southfield, Michigan, United States

Category Company
Founded 1917
Sector Automotive
Employees186,600
Revenue 23.5B USD (2023)
DESCRIPTION
Lear Corp's corporate headquarters in Southfield, Michigan.
Lear Corp's corporate headquarters in Southfield, Michigan.

Lear is a Tier 1 supplier to the global automotive industry. The Company's business spans all major automotive markets, and Lear supplies its products to every major automotive manufacturer in the world. Lear organizes its business in two global product segments including seating and electrical power management systems. The seating segment includes seat systems and related components, such as seat structures and mechanisms, seat covers, headrests and seat foam. The electrical segment includes electrical distribution systems that route electrical signals and manage electrical power within a vehicle for both traditional powertrain vehicles, as well as for hybrid and electric vehicles. Lear was formed in 1917 and is based in Southfield, Michigan.


DEAL STATS #
Overall 8 of 23
Sector (Automotive) 8 of 14
Type (Divestiture) 3 of 6
State (Michigan) 1 of 5
Country (United States) 3 of 12
Year (1999) 1 of 1
Size (of disclosed) 1 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1998-04-09 Strapazzini Resine S.r.L.

Pesaro, Italy

Strapazzini Resine S.r.L. is a manufacturer of instrument panels, door panels, sunshades, consoles, and pillar trim at two Italian facilities.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2001-01-01 Lear Corp s Injection Molded Plastics

Sweden

Lear Corp's Injection Molded Plastics division provides plastic molding services in Sweden / Italy.

Sell -

Seller(S) 1

SELLER

RTX

Arlington, Virginia, United States

Category Company
Founded 1934
Sector Diversified
Employees185,000
Revenue 68.9B USD (2023)
DESCRIPTION

RTX is a diversified producer of high technology products and services to the building systems and aerospace industries worldwide. The Company's business segments include Pratt & Whitney, UTC Aerospace Systems, and Raytheon which serve commercial and government customers in both the original equipment and aftermarket parts and services markets of the aerospace industry. Pratt & Whitney also provides products to certain industrial markets. Raytheon provides state-of-the-art electronics, mission systems integration, C5I products and services, sensing, effects and mission support for customers in more than 80 countries. RTX was founded in 1934 and is based in Arlington, Virginia.


DEAL STATS #
Overall 1 of 18
Sector (Automotive) 1 of 1
Type (Divestiture) 1 of 16
State (Michigan) 1 of 1
Country (United States) 1 of 16
Year (1999) 1 of 1
Size (of disclosed) 4 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
1999-02-23 Sundstrand

Rockford, Illinois, United States

Sundstrand Corp., a maker of internal systems for airplanes.

Buy $4.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
1999-11-19 Electrolux -Commercial Refrigeration Business

Sweden

Electrolux -Commercial Refrigeration Business is a provider of refrigeration and freezing equipment for commercial customers within the supermarket, convenience store, food and beverage segments.

Buy -