Tokyo-based Asahi Kasei has announced it will acquire Sage Automotive Interiors Inc., Greenville, S.C., from Sage’s 100-percent owner Clearlake Sage Holdings LLC. The cash transaction is valued at approximately $700 million, with the total acquisition price including Sage’s interest-bearing debt totally approximately $1.06 billion. Sage will become a consolidated subsidiary of Asahi Kasei once the transaction closes, pending approvals from relevant authorities.
Asahi Kasei reports the purchase is in line with its Cs for Tomorrow 2018 medium-term strategic initiative to expand automotive-related business in the material sector, and that Sage will strengthen and contribute to the overall expansion of its automotive-related business, in addition to other expectations.
September/October 2018
