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Asahi to Acquire Sage Auto
Japan's Asahi Kasei Corp. has agreed to purchase Sage Automotive Interiors Inc., a South Carolina-based interiors supplier, from Clearlake Sage Holdings LLC for $1.1 billion.
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Japan's Asahi Kasei Corp. has agreed to purchase Sage Automotive Interiors Inc., a South Carolina-based interiors supplier, from Clearlake Sage Holdings LLC for $1.1 billion.
The deal includes about $700 million in cash and more than $300 million in debt. Asahi Kasei will disclose the impact of the acquisition on its earnings after the transaction is completed.
Sage, which claims to be the leading producer of automotive seating fabric, was created in 2009 as a spinoff from Milliken & Co. The interiors company generated 2017 revenue of $475 million, up from $416 million in 2016 and $359 million in 2015.
With production plants in Brazil, China, Italy, Romania, Poland and the U.S., Sage employs about 2,200 people worldwide.
Asahi Kasei aims to use Sage’s management, manufacturing and sales and marketing expertise to help its automotive capabilities. The Japanese materials company supplies its Lamous microfiber to Sage.
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