Sage Automotive Interiors, a Greenville-based automotive textile supplier, is acquiring automotive fabric company Adient for $175 million, according to a news release.
Sage company officials said Adient’s textile facilities, a number of which are in Europe, are ideally suited to expand capacity and capability for automotive interior products to the European market.
“Europe continues to be a key growth area for Sage Automotive Interiors,” Dirk Pieper, CEO of Sage Automotive Interiors, said in the March 5 release. “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.”
Per a signed agreement, Sage will pay $175 million for Adient’s automotive fabric business. The agreement is subject to regulatory approval and customary closing conditions and is not expected to be completed until the middle of the year.
“As Adient continues to focus on its core business, we believe that the sale of our fabrics operation to Sage better positions that business for growth and long-term successful performance,” said Doug Del Grosso, president and CEO of Adient.
Sage Automotive Interiors is one of the world’s leading providers of automotive interior materials, including seating, door panel surfaces and headliners, to automotive original equipment manufacturers. Global offices and manufacturing locations include the U.S., Japan, China, Brazil, Korea, India, Thailand, Mexico and Europe.
Sage Automotive Interiors is an Asahi Kasei company.