Business Wire | Oct 1, 2020 06:01AM EDT

Sage Automotive Interiors Completes Acquisition of Adient's Automotive Fabric Business

Oct. 01, 2020

GREENVILLE, S.C.--(BUSINESS WIRE)--Oct. 01, 2020--Sage Automotive Interiors (an Asahi Kasei company) has now completed its agreement to acquire the automotive fabric business of Adient (NYSE: ADNT).

Sage Automotive Interiors has paid $175M and received regulatory approvals under the agreement announced on March 5, 2020.

"Strengthening our position in Europe will enable us to better support multiple OEMS locally and more broadly as we combine the best of both company operations," said Dirk Pieper, CEO of Sage Automotive Interiors.

"We look to expand capacity and capability for automotive interior products to the European market to continue our global position as the #1 preferred automotive interiors company," said Pieper.

Committed to developing innovative designs and creating high performing interiors without compromising the environment, Sage is a global company with more than 30 locations in 19 countries.

"Europe continues to be a key growth area for 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," said Pieper.

Sage Automotive Interiors (www.sageautomotiveinteriors.com) is one of the world's leading providers of automotive interior materials-seating, door panel surfaces, and headliners-to automotive Original Equipment Manufacturers (OEMs). Global offices and manufacturing locations include the U.S., Japan, China, Brazil, Korea, India, Thailand, Mexico, and Europe. Sage enjoys core strengths in consumer research, sustainability and innovative problem solving for the OEM. Sage's vision is to be the market leader in design, engineering, and technical capability supported by world class manufacturing. Sage Automotive Interiors is an Asahi Kasei company (TYO: 3407).

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CONTACT: Sidney Locke Sage Automotive Interiors (864) 630-8999 sidney.locke@sageai.com