Adient has agreed to sell its automotive fabrics business to Sage Automotive Interiors for US$175m.
The sale, which includes 11 facilities mostly located in Europe is part of Adient’s strategy to focus on its core, high-volume seating business.
Proceeds from the sale are expected to be used by Adient to pre-pay a portion of its debts and for general corporation purposes.
Doug Del Grosso, president and CEO of Adient, said, “As Adient continues to focus on its core business, we believe that the sale of our fabrics operation to Sage better positions that business for growth and long-term successful performance.”
Dirk Pieper, CEO of Sage Automotive Interiors, said, “Europe continues to be a key growth area for Sage Automotive Interiors. In addition, the technology and capabilities that will now be part of Sage Automotive Interiors will strengthen our ability to serve customers from our current locations in Europe and the rest of the world.”
