Seating manufacturer Adient sells its Recaro Automotive Seating business to Raven Acquisition, a privately owned investment corporation.
The right to use the Recaro brand on license for the development, production and marketing of premium car seats has been transferred to the new owners.
Recaro develops, produces and markets premium vehicle seats for OEMs and the aftermarket at three locations in Europe, the U.S. and Japan and has about 425 employees. It reported revenue of about $150 million in fiscal 2019.
Adient employs 83,000 people at 220 manufacturing and assembly plants in 35 countries. As a supplier to all major OEMs, its seating products go into more than 23 million vehicles every year.
Raven Acquisition was formed by a former Recaro executive and TCE Enterprises, a family investment corporation with extensive experience in the automotive industry, including two other manufacturing companies.