Asahi Kasei has announced it will acquire Sage Automotive Interiors, a US-based manufacturer of automotive interior material, for a cash transaction price of approximately $700 million (approximately £533.7 million).
An agreement regarding the acquisition was concluded between Asahi Kasei and Clearlake Sage Holdings, the 100 per cent owner of Sage.
Asahi Kasei is focused on expanding automotive-related business as a priority in the Material sector and is currently working across the sector to strengthen relationships with vehicle manufacturers and its suppliers while expanding operations globally.
Acquisition
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The two companies have a long-standing business relationship, with Asahi Kasei supplying Lamous microfiber suede to Sage.
Asahi Kasei believes the acquisition will strengthen its position in the growing automotive interior material market, contributing to the overall expansion of its automotive-related business.
The acquisition will allow proposal and provision of comprehensive vehicle interior designs and solutions leveraging Sage’s design and marketing capabilities in combination with various Asahi Kasei products such as fibres, plastics and sensors.
With closing of the transaction, Sage will become a consolidated subsidiary of Asahi Kasei.