Lear Corp, a maker of auto seats and electrical power systems, said it would purchase automotive leather supplier Eagle Ottawa LLC for $850 million to strengthen its core seating business and boost its luxury seats portfolio.Higher vehicle production globally has led to a rise in sales of car seats and other auto parts, primarily in the United States and China.Privately held Eagle Ottawa is known for the superior quality and craftsmanship of its products and is the world's largest provider of automotive leather, Lear said.Lear gets about three-fourths of its revenue from its seats business and counts Ford Motor Co, General Motors Co and BMW AG among its top customers.
Ford Motor Company (Ford) is a producer of automobiles. Shares of F traded higher by 0.99% or $0.17/share to $17.36. In the past year, the shares have traded as low as $14.40 and as high as $18.12. On average, 25509200 shares of F exchange hands on a given day and today's volume is recorded at 18022888.
Lear Corporation is a tier 1 supplier to the global automotive industry. Shares of LEA traded higher by 0.49% or $0.48/share to $98.11. In the past year, the shares have traded as low as $68.26 and as high as $100.58. On average, 758735 shares of LEA exchange hands on a given day and today's volume is recorded at 401138.
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