Plymouth, Michigan – Automotive interior company Adient is selling its automotive fabrics manufacturing and lamination business to Sage Automotive Interiors.
Adient sells fibre lamination business for $175m
The deal depends on regulatory agreement, and is valued at $175 m. The business has 11 plants around the world, with the majority in Europe. It employs around 1300 people. Adient said that its sales are likely to be around $240 m and adjusted EBITDA $20 m this year.
Adient said it will use cash from the sale to pay off some debt early and for general spending.
This is part of Adient's plan to focus on its core business, according to CEO Doug Del Grosso. 'The sale of our fabrics operation to Sage better positions that business for growth and long-term successful performance,' he said.
Sage is part of Japan-based Asahi Kasei.