Seating manufacturer Adient sells its Recaro Automotive Seating business to Raven Acquisition, a privately owned investment corporation.
“With the new corporate structure, Recaro Automotive Seating will be able to focus on its core business – performance seats, ergonomic seats and special applications – with shorter and faster decision-making processes allowing greater flexibility to better meet the requirements of the market,” the companies say in a news release.
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.