Market Overview

Report: Lear May Buy Automotive Leather Maker For $800 Million

Related LEA
Report: Activist Demands Sothebys Boot CFO, Buy Back Shares
Analysts: Suppliers May Gain From Automakers' Tech War
Insider Buys And Sells: Sprint, Graham Holdings (Seeking Alpha)

Lear (NYSE: LEA) edged down in late-day trading on a report it will buy automotive leather maker Eagle Ottawa LLC for about $800 million.

A deal could be announced this week or next, according to a report Tuesday afternoon in The Wall Street Journal that cited unnamed sources.

Lear, which makes seating for automakers, reportedly said in 2013 that it expected to expand its leather operations within the next two years.

Southfield, Michigan-based Lear is both a competitor and major customer for Eagle Ottawa, whose products are included in more than 100 vehicles models, including 2008 models Chevrolet Malibu, Cadillac CTS, Honda Accord and the BMW 3-Series.

Privately held Eagle is owned by the investment firm Everett Smith Group Ltd.

Lear closed Tuesday at $98.20, down 0.2 percent.

Posted-In: News Wall Street Journal M&A Hot After-Hours Center Media


Related Articles (LEA)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→