Adient plans to pay down with $175 million sale of fabrics business

Chicago, March 5 – Adient plc announced that it plans to pay down debt with the proceeds of the company’s sale of its automotive fabrics manufacturing business to Sage Automotive Interiors for $175 million.

The transaction is expected to be completed by the end of 2020.

The sale includes 11 facilities globally, with the majority in Europe.

A portion of the proceeds will also be used for general corporate purposes, according to an announcement.

Adient is a Plymouth, Mich.-based manufacturer of automotive seating.

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