Seating supplier Adient PLC said it agreed to buy Futuris Group for $360 million.
Adient, based near Detroit in Plymouth Township, Mich., said it expects its purchase of the automotive seating and interiors supplier to add $500 million in revenue per year, according to a statement on Monday. The deal is expected to close around Sept. 30.
The price tag includes assumption of $18 million in net debt.
Futuris, which is based near Detroit in Oak Park, Mich., is owned by affiliates of private equity firm Clearlake Capital Group. Ford Motor Co. and General Motors are among its customers. It serves automakers through 15 operations in North America and Asia.
Clearlake aquired Futuris in 2013.
With the acquisition, Adient expects to improve logistics and purchasing, as well as overall efficiency, the release said.
"Futuris has a rapidly growing book of business that strengthens our position with West Coast customers, improves our utilization rates in North America and expands our business in Southeast Asia," Adient CEO Bruce McDonald said in a statement.
Adient plans to move its headquarters to the Marquette Building in downtown Detroit in mid-2019 after a $50 million renovation.