Adient Completes Acquisition of Futuris Group
Adient PLC announced that it has completed its acquisition of the automotive seating manufacturer Futuris Group
Adient said that it paid approximately – USD360 million for the business including the assumption of approximately – USD 18 million of net debt, subject to adjustments.
Adient anticipates the transaction will add approximately USD 500 million in revenue on an annual basis. It is expected to be accretive to Adient’s adjusted fiscal 2018 earnings per share.
Futuris operates 15 facilities in North America and Asia and 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, and has a large backlog of business with several of these customers. 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.
Adient is a global leader in automotive seating. With 75000 employees operating 230 manufacturing/assembly plants in 33 countries worldwide, we produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design all the way to engineering and manufacturing – and into more than 25 million vehicles every year.