Automotive seating maker Adient PLC is acquiring competitor Futuris Group for US$360 million.
Futuris, owned by affiliates of Clearlake Capital Group, is a global designer and manufacturer of fully integrated automotive seating and interior systems. Headquartered in Oak Park, Mich., it operates 15 facilities in North America and Asia.
Futuris 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. It was the first automotive seating company to focus on West Coast automakers, Adient said in a statement. “Futuris has a rapidly growing book of business that strengthens our position with West Coast customers, improves our utilization rates in North America and expands our business in Southeast Asia. In China, Futuris’ concentration on local brands is complementary to our existing business,” said Bruce McDonald, Adient chairman and CEO. “We believe this transaction will create new value for our shareholders.”
The transaction is expected to close by the end of September 2017.
Headquartered in Plymouth, Mich., Adient is said to be a global leader in automotive seating. The company has 75,000 employees operating 230 manufacturing/assembly plants in 33 countries worldwide.
