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Adient has announced that it has completed the acquisition of U.S. based automotive seating manufacturer Futuris Group for a value of US$360 million, including the assumption of approximately US$18 million of net debt, subject to adjustments.
Adient says it anticipates the transaction to add approximately US$500 million in revenue on an annual basis. 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. As previously reported by ILM, 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 optimisation of the Adient Manufacturing System to drive operational efficiencies”, said Adient in a statement.