Lear to buy privately-held textile maker Guilford Mills

April 11 Wed Apr 11, 2012 4:53pm EDT

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April 11 (Reuters) - Auto parts maker Lear Corp said it agreed to buy specialty textile producer Guilford Mills from private equity firm Cerberus Capital Management for an undisclosed amount.

Lear said Guilford, which makes fabrics for automotive and specialty markets, has sales of about $400 million annually. The transaction is expected to close in the second quarter of this year, Lear said.

Cerberus Capital Management, a New York-based private equity firm, bought Guilford Mills for $107 million in 2004.

Shares of Southfield, Michigan-based Lear closed at $43.98 on Wednesday on the New York Stock Exchange.

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