An affiliate of Cerberus Capital Management has completed the sale of Guilford Mills, a global leader in automotive and specialty fabrics, to Lear Corporation, a leading global supplier of automotive seating and electrical power management systems, for a total purchase price of USD257 million.

The transaction closed on May 31, 2012. An affiliate of Cerberus acquired Guilford Mills in 2004.

"Guilford Mills' successful transformation into a leading automotive and specialty fabrics manufacturer demonstrates the powerful combination of capital resources and operational expertise coupled with a strong management team and empowered workforce," said Chan Galbato, CEO of Cerberus Operations and Advisory Company and former Chairman of Guilford Mills. "With Cerberus's support, Guilford has rationalized its manufacturing footprint, introduced new industry leading products and built one of the strongest management teams in the industry."

Dev Kapadia, a Cerberus Managing Director, says: "We are pleased to have completed the sale of Guilford Mills to Lear, a world-class company. We are proud to have contributed to Guilford's significant accomplishments over the course of our successful investment in the company. The sale to Lear fulfills one of our key objectives, which is to position this business with a leading entity which will take Guilford to an even higher level of performance and success."

Guilford's annual sales of approximately USD400 million are derived from automotive interior applications, including seat fabric, as well as specialty products for end markets including water filtration, window covering, performance apparel, medical and other industrial applications.