Renowned producer of auto seats and electrical power systems Lear Corp. is closer to finalising a deal to buy premium automotive leather supplier Eagle Ottawa LLC for more than $800 million, as reported in the Wall Street Journal.
The deal for Eagle Ottawa, a subsidiary of Milwaukee-based investment firm Everett Smith Group Ltd, could be announced by early September.
Eagle Ottawa, based in Auburn Hills, Michigan, manufactures leather products that are used in luxury cars like BMW and Mercedes-Benz.
Lear, which is headquartered in Southfield, Michigan, includes Ford Motor Co, General Motors Co and BMW AG as its largest customers, and these three companies represent 54% of Lear's sales last year.
