Adient completes its acquisition of automotive seating manufacturer Futuris Group.
Plymouth, MI-based Adient, also a seating manufacturer formerly part of Johnson Controls, says it paid about $360 million for the business including the assumption of $18 million of net debt, subject to adjustments.
Adient anticipates the transaction will increase revenues about $500 million annually.
Oak Park, MI-based Futuris operates 15 facilities in North America and Asia and provides full seating systems, seat frames, seat trim, head restraints, armrests and seat bolsters. In North America, the companyʼs primary customers include Tesla, Ford and General Motors, as well as other automotive seating suppliers.
Futuris was the first automotive seating company to focus on West Coast automakers and has a large backlog of business with several of these customers, Adient says in a news release. In Asia, customers include Geely, Chery and Brilliance.
“The acquisition is expected to provide substantial synergies through vertical integration, purchasing and logistics improvements, and by applying the best business practices and process optimization of the Adient Manufacturing System to drive operational efficiencies,” the release says.
Adient’s 75,000 employees at 230 manufacturing/assembly plants in 33 countries produce and deliver automotive seating ranging from individual components to complete seating systems for all vehicle classes and all major OEMs.