Detroit, Michigan – Automotive seating supplier Adient has sold its license to use the Recaro brand in seats to Raven Acquisition. Adient also sold its 31.% stake in its joint venture with Yanfeng, to its partner.
The moves are designed to bring Adient back into profit.
The Recaro deal became effective on 1 January 2020. No terms were disclosed for the business which employs 425 at three sites in Europe. Sales in 2019 were around $150m. Raven is owned by a former Adient executive and TEC Enterprises. This is a family-owned investment company.
The second deal sees Adient receive $379 m for its 30% share of Yanfeng Global Automotive Interior Systems. It is selling the stake to its partner Yanfeng.
Additionally, Adient is selling some intellectual property to Yanfeng. This will enable it to carry out is business inside and outside China.
Adient said it will use the money to pay off debit and with general administration.