Adient, manufacturer of automotive seating, has entered into an agreement to sell its automotive fabrics manufacturing business, including its lamination business, to Sage Automotive Interiors for $175M.
The pending sale includes 11 facilities globally, with the majority located in Europe, with approximately 1,300 employees.
“Europe continues to be a key growth area for Sage Automotive Interiors,” said Dirk Pieper, CEO of 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.”
The transaction is expected to be completed by the end of FY 2020.
Doug Del Grosso, president and CEO of Adient, added, “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.“