Adient PLC, the global leader in automotive seating, has agreed to acquire the Michigan (USA) headquartered Futuris Group for $360 million including the assumption of $18 million of net debt. Adient expects the transaction to add approximately $ 500 million in revenue on an annual basis.
Futuris, owned by affiliates of Clearlake Capital Group, is a global designer and manufacturer of fully integrated automotive seating and interior systems. It operates 15 facilities in North America and Asia. The company 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 GM. It was the first automotive seating company to focus on West Coast automakers.