Plymouth, Michigan — Adient, which makes automotive seating, has agreed to buy Futuris for around $ 360 m by the end of September pending regulatory and antitrust approvals.
Futuris, owned by Clear Lake Capital, designs and makes fully integrated automotive seating and interior systems. It operates 15 facilities in North America and Asia. The firm was the first automotive seating company to focus on West Coast automakers, and has a growing backlog of business with several of these customers including GM and Tesla. It’s Asia business portfolio includes customers such as: Geely, Chery and Brilliance.
Adient expects the transaction to add at least $ 500 m in revenue annually and should start doing so in 2018.
Adient says the acquisition is expected to provide substantial synergies through vertical integration, purchasing and logistics improvements and by applying best business practices and process optimisation to improve operational efficiencies.