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Lear Set to Acquire EXO Technologies to Boost GPS Capability

Zacks Equity Research
Updated

Lear Corp. LEA has inked a deal to acquire Israel-based EXO Technologies, engaged in developing innovative software-based solutions for GPS. The acquisition is likely to provide Lear with a different technology to considerably enhance GPS accuracy and reliability. This will in turn improve vehicle safety and assist in autonomous driving.

With its operations in San Mateo, California and Tel Aviv, Israel, EXO Technologies offers precise solutions for autonomous and connected vehicle applications. This tie up is likely to bolster Lear’s connectivity capabilities and aid its E-Systems business, as growth of autonomous and connected vehicles will boost demand for improved reliability and accuracy in vehicle positioning.

Lear is a leading supplier of automotive seating systems, electrical distribution systems and electronics. The company’s shares have outperformed the industry over the past three months. The stock rallied 11.4% compared with 4.3% growth of the industry it belongs to.  


Currently, Lear has a Zacks Rank #3 (Hold).

A few better-ranked automobile stocks in the same space are Allison Transmission Holdings, Inc. ALSN, AB Volvo VLVLY and Wabco Holdings Inc. WBC. While Allison Transmission and Volvo sport a Zacks Rank #1 (Strong Buy), Wabco Holdings carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Allison Transmission has a long-term growth rate of 10%. Shares of the company have gained 24.4% year to date.

Volvo has a long-term growth rate of 15%. Shares of the company have gained 61.3% year to date.

Wabco Holdings has a long-term growth rate of 15%. Its shares have rallied 36.3% on a year-to-date basis.

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Lear Corporation (LEA) : Free Stock Analysis Report
 
Allison Transmission Holdings, Inc. (ALSN) : Free Stock Analysis Report
 
Wabco Holdings Inc. (WBC) : Free Stock Analysis Report
 
Volvo Ab (VLVLY) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research