October 1, 2020
Asahi Kasei Corp.

Sage Automotive Interiors (Sage), an Asahi Kasei subsidiary based in South Carolina, the US (CEO: Dirk Pieper), has completed its acquisition of the automotive fabrics business of Adient plc as announced on March 5, 2020 (US Eastern time), for approximately $175 million (approximately ¥18.8 billion at exchange rate of ¥107.36 per US$ on March 5 Japan time). The transaction closed on September 30, 2020 (US Eastern Time), after receipt of all necessary regulatory approvals.

By combining the automotive fabrics business acquired from Adient, having marketing, manufacturing, and development centered in Europe, together with its own established business, Sage will be able to further expand in Europe, the largest market for automotive interior fabric and the source of innovative automotive trends. Sage plans to achieve the following synergies through this acquisition.

• 1)Optimum global manufacturing
• 2)Mutually complementary relationships with NA/EU OEMs
• 3)Full product lineup (fabric, artificial suede, synthetic leather)

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.

Sage also expects that expansion in Europe will enable it to maintain its leading position in the global market for automotive interior materials.

For further details regarding the background of this acquisition, please refer to the press release dated March 6, 2020:
Sage Automotive Interiors to Acquire Adient’s Automotive Fabrics Business

News