Adient said on Thursday it had closed its previously announced sale of the company's automotive fabrics manufacturing business, including its lamination business, to Sage Automotive Interiors, an Asahi Kasei company, on 30 September, 2020.
"The sale aligns with Adient's continuing strategy of focusing on its core, high volume seating business. Cash proceeds received from the sale totaled approximately US$175m," the supplier said in a statement.
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Sage announced in March it had signed an agreement to acquire the Adient automotive fabric business with the goal of expanding capacity and capability for automotive interior products to the European market.
With a number of locations in Europe, the textile facilities were ideally suited to supply the automotive cut and sew facilities in central and eastern Europe.
"Europe continues to be a key growth area for [us]," said CEO Dirk Pieper at the time. "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."
