Mexican Media Brands
Adient Buys Tesla Interiors Supplier
Adient plc has agreed to buy Oak Park, Mich.-based seating and interiors supplier Futuris Global Holdings LLC from Clearlake Capital Group for $360 million.
#interior
Share
Adient plc has agreed to buy Oak Park, Mich.-based seating and interiors supplier Futuris Global Holdings LLC from Clearlake Capital Group for $360 million. The company lists Tesla Inc. as its largest customer.
The deal, which is expected to be completed by the end of September, includes the assumption of $18 million in net debt. Adient estimates the acquisition will add $500 million in revenue per year, while improving its manufacturing utilization in North America and expanding its business in southeast Asia.
Futuris provides full seating systems, seat frames, seat trim, headrests, armrests and seat bolsters. Besides Tesla, the company’s major customers include Ford and General Motors in the U.S. and Brilliance, Chery and Geely in China.
Clearlake, an 11-year-old private investment group, purchased Futuris in 2014. During Clearlake’s ownership, Futuris transformed from being a mainly Australian-based company into a global operation with 15 facilities in North America and Asia. Recent expansions included purchases of CNI Enterprises and Kongsberg Automotive’s North American headrest and armrest business.
RELATED CONTENT
-
Autoline After Hours: The 2020 Cadillac XT6
Cadillac currently has three non-car vehicles in its lineup, the imposing and possibly venerable Escalade, the XT5, which started its existence as the SRX and is now crushing it in the market, and the most recent, the compact XT4, which is in a sweet spot for those looking to get into the premium portion of the market.
-
Injection molding for interiors—including fabrics
Plenty of interior components are injection molded. But some companies—such as VW—are using a process for trim pieces that both mold a component and cover it in fabric in a single molding process. And it is coming to the U.S. in the not-too-distant future.
-
2017 Buick LaCrosse Premium AWD
The Buick design team deserves the strongest of accolades for their work at transforming the appearance of the brand from one of, well something akin to “the last ride” to one of contemporary stylishness befitting of a the cohort of automotive customers who didn’t cast their first presidential ballot in 1968 or earlier.