Adient has inked a definitive agreement to acquire Michigan-headquartered Futuris Group for US$360m including the assumption of around US$18m of net debt.

Adient expects the transaction to add around US$500m in revenue on an annual basis and to be accretive to its adjusted fiscal 2018 earnings per share.

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Futuris, owned by affiliates of Clearlake Capital Group, is a global designer and manufacturer of integrated automotive seating and interior systems. It operates 15 facilities in North America and Asia.

The company provides full seating systems, seat frames, seat trim, headrests, armrests and seat bolsters. In North America, the company’s primary customers include Tesla, Ford and General Motors, as well as other automotive seating suppliers.

It was the first automotive seating company to focus on West Coast automakers, and has a growing backlog of business with several of these. In Asia, customers include Geely, Chery and Brilliance.

“Futuris has a rapidly growing book of business that strengthens our position with West Coast customers, improves our utilisation rates in North America and expands our business in South-East Asia,” said Adient chairman and CEO, Bruce McDonald.

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“In China, Futuris’ concentration on local brands is complementary to our existing business. We believe this transaction will create new value for our shareholders.”

The acquisition is expected to provide substantial synergies through vertical integration, purchasing and logistics improvements.

The transaction is expected to close by around 30 September, pending regulatory and anti-trust approvals.