Adient acquires Automotive Seating Supplier Futuris Group to provide new Growth Opportunities

Futuris GroupAdient PLC., the global leader in automotive seating, has signed an agreement to acquire Futuris Group, with headquarters in Oak Park, Michigan, at an approximate value of $360 million including the assumption of approximately $18 million of net debt. Privately held Futuris is headquartered in Oak Park, Michigan. The transaction to add approximately $500M in revenue on an annual basis. It is expected to be accretive to Adient’s adjusted fiscal 2018 earnings per share. The transaction is expected to close by approximately September 30, 2017.

A global designer and manufacturer of fully integrated automotive seating and interior systems, the Futuris, is owned by affiliates of Clearlake Capital Group. The company operates 15 facilities in North America and Asia providing full seating systems, seat frames, seat trim, headrests, armrests and seat bolsters. Tesla, Ford and General Motors, as well as other automotive seating suppliers, are the main customers of Futuris in North America. Geely, Chery, and Brilliance are the customers in Asia. Being the first automotive seating company to focus on West Coast automakers, the company has a growing backlog of business with several of these customers.

Bruce McDonald, Adient chairman, and chief executive officer, said, “Futuris has a rapidly growing book of business that strengthens our position with West Coast customers, improves our utilization rates in North America and expands our business in Southeast Asia. In China, Futuris’ concentration on local brands is complementary to our existing business. We believe this transaction will create new value for our shareholders.”

The acquisition is expected to optimize operational efficiencies through vertical integration, purchasing, and logistics improvements.

Adient operates 230 manufacturing/assembly plants in 33 countries worldwide to produce and deliver automotive seating for all vehicle classes and to all major OEMs.

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