Kongsberg Automotive

Regulatory Filings • Feb 28, 2022

Kongsberg Automotive completes the sale of Interior Comfort Systems business unit to Lear Corporation

Kongsberg Automotive completes the sale of Interior Comfort Systems business unit to Lear Corporation

Zurich, February 28, 2022: Kongsberg Automotive (KA) has completed the sale of

its Interior Comfort Systems (ICS) business unit to Lear Corporation ('Lear'),

following the approval by the European

Commission (https://www.kongsbergautomotive.com/media-news/press

-releases/2022/the-european-commission-authorizes-the-sale-of-kongsberg

-automotives-interior-comfort-systems-business-unit/) on February 25, 2022.

The ICS business unit supplies seat climate and comfort systems to major car and

seat manufacturers. Lear and KA entered into a master sale agreement on October

28, 2021, and the transaction closed on Feb 28, 2022 for an enterprise value of

EUR 175 million.

"Thanks to both the teams for the smooth transaction. I am excited to see how

ICS is further developed within Lear and wish everybody great success. With this

sale, KA will now focus on strengthening our remaining product portfolio and

pursuing mobility solutions for the future to become second to none in all we

do," said Joerg Buchheim, President & CEO of Kongsberg Automotive.

Media contact:

Mallika Aryal

mallika.aryal@ka-group.com

Investor contact:

Jakob Bronebakk

jakob.bronebakk@ka-group.com

About Kongsberg Automotive ASA

Kongsberg Automotive provides cutting-edge technology to the global vehicle

industry. We drive the global transition to sustainable mobility by putting

engineering, sustainability, and innovation into practice. With approximately

11,000 employees in 19 countries, Kongsberg Automotive is truly an international

supplier of automotive technology. The company has more than 27 production

facilities worldwide. Our product portfolio includes driver and motion control

systems, fluid assemblies, and industrial driver interface products. Find more

information at: kongsbergautomotive.com (https://www.kongsbergautomotive.com/).

About Lear Corporation

Lear, a global automotive technology leader in Seating and E-Systems, enables

superior in-vehicle experiences for consumers around the world. Lear's diverse

team of talented employees in 38 countries is driven by a commitment to

innovation, operational excellence, and sustainability. Lear is Making every

drive betterT by providing the technology for safer, smarter, and more

comfortable journeys. Lear, headquartered in Southfield, Michigan, serves every

major automaker in the world and ranks 179 on the Fortune 500. Further

information about Lear is available at lear.com or on Twitter @LearCorporation.

The information in this announcement is considered inside information pursuant

to the EU Market Abuse Regulation and is subject to the disclosure requirements

pursuant section 5-12 of the Norwegian Securities Trading Act. This announcement

was published by Kongsberg Automotive's investor relation.

Forward-looking statements

This announcement contain forward-looking statements. Forward-looking statements

are statements that are not historical facts and may be identified by words such

as "believe", "expect", "anticipate", "strategy", "intends", "estimate", "will",

"may", "should" and similar expressions. The forward-looking statements in this

announcement are based upon various assumptions, which in turn may be based on

further assumptions. Although Kongsberg Automotive believes that these

assumptions were reasonable when made, these assumptions are inherently subject

to significant known and unknown risks, uncertainties, contingencies and other

important factors that are difficult or impossible to predict and are beyond its

control. Various factors could cause Kongsberg Automotive's actual results to

differ materially from those projected in a forward-looking statement. No

assurances can be given that the assumptions underlying the forward-looking

statements prove to have been correct. Kongsberg Automotive disclaims any

obligation to update or revise any forward-looking statements, whether as a

result of new information, future events or otherwise.