Düsseldorf, March 10, 2020 – Sage Automotive Interiors (Sage), an Asahi Kasei subsidiary based in South Carolina, the US, has concluded an agreement with Adient plc on March 5, 2020 (US Eastern time), to acquire Adient”s automotive fabrics business for $175 million (approximately 18.8 billion at exchange rate of 107.36 per US$ on March 5 Japan time).
Centered in the US, Sage develops, manufactures, and sells various fabric materials for automotive interiors, and is one of the world”s leading suppliers of vehicle seat fabric with a firm established presence among automotive OEMs and Tier-1 suppliers. To facilitate further growth, Sage had sought to expand its footprint in Europe, the largest market for automotive interior fabric and the source of innovative automotive trends.
“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.”
By acquiring Adient”s automotive fabrics business, Sage will gain several operating sites around the world centered in Europe. The business to be acquired has a strong reputation for design and quality among Europe”s major vehicle manufacturers and is one of the leading suppliers in the European market for automotive seat fabric.
“This acquisition will strengthen the position of Asahi Kasei and Sage in Europe, enabling greater access to major OEMs,” said Koshiro Kudo, President of Asahi Kasei”s Performance Products Strategic Business Unit (SBU). “By pursuing synergies in manufacturing, sales, and marketing among Asahi Kasei, Sage, and the fabric business from Adient, we can not only be a leader of the European automotive interior fabric market, but also contribute to the future of mobility.”
By advancing its regional strategy and product strategy around the world to reinforce its position as one of the leading suppliers of vehicle seat fabric and strengthen its relationships with automotive OEMs in each region, Sage is expected to make a growing contribution to the Asahi Kasei Group”s overall expansion of business in the automotive field.
Completion of the acquisition is subject to obtaining regulatory clearance and other customary closing conditions.
Corporate Profile of Adient
Company nameAdient plc
HeadquartersPlymouth, Michigan
CEODoug Del Grosso
About the Asahi Kasei Corporation
Asahi Kasei Corporation is a globally active diversified technology company with operations in the Material, Homes, and Health Care business. The Material division encompasses fibers an textiles, petrochemicals, performance polymers, performance materials, consumables, battery separators, and electronic devices. The Homes division provides housing and construction materials to the Japanese market. The Health Care division includes pharmaceuticals, medical devices, and acute critical care devices and systems. With approximately 39,283 employees around the world, the Asahi Kasei Group serves customers in more than 100 countries and achieved sales of 17.6 billion euros (2,170.4 billion yen) in the fiscal year 2018 (April 1, 2018 – March 31, 2019).
Asahi Kasei is “Creating for Tomorrow” with all operations sharing a common mission of
contributing to life and living for people around the world. For more information, visit www.asahi-kasei.co.jp/asahi/en/ and www.asahi-kasei.eu.
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