BUCHAREST (Romania), May 20 (SeeNews) - U.S.-based automotive seating and electrical system company Lear Corporation announced it has acquired Thagora Technology, a Romanian company focused on developing effective material utilisation hardware and software.
Thagora’s proprietary technology will augment Lear’s manufacturing process by reducing material waste and energy usage, Lear Corporation said in a press release on Thursday.
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Equally, Thagora’s Industry 4.0 technology implementations are expected to improve on Lear’s manufacturing operations through engineering and logistics.
The deal's value was not disclosed.
"Thagora offers Lear access to scalable, smart-manufacturing tools that will be a valuable addition to our business," Lear Corporation executive vice president and Seating division president Frank Orsini said.
Founded in 1917, Lear Corporation is an US-based entity specialising in car seating and electrical systems. Its clients primarily come from the automotive industry and include Volkswagen, General Motors, or Stellantis. The company employed approximately 174,600 by 2020, according to its website. It has also booked a gross profit of $1.1 billion (1.047 billion euro) in 2020, compared to $1.7 billion in the previous year.
Based in the northeastern county of Iasi, Thagora specialises in leather cutting systems for furniture and the automotive industry. Based on the latest data from the finance ministry, the company recorded a net profit of 4.09 million lei ($876,000/ 828,300 euro) in 2020 and a turnover of 4.42 million lei.
(1 euro = 4.9474 Romanian lei)