Automotive seating supplier Adient has signed a definitive agreement to acquire Futuris Group for US$360m, including the assumption of US$18m of net debt. Adient expects the transaction to add US$500m in revenue on an annual basis.
Privately-held Futuris, which is owned by affiliates of Clearlake Capital Group and headquartered in Oak Park, Michigan, USA, is a manufacturer of fully integrated automotive seating and interior systems. It operates 15 facilities in North America and Asia.
The company provides full seating systems, seat frames, seat trim, headrests, armrests and seat bolsters. In North America, the company’s primary customers include Tesla, Ford and General Motors, as well as other automotive seating suppliers.
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