Norway-based automotive parts manufacturer Kongsberg Automotive has completed the sale of its North American Headrest/Armrest business to Futuris Automotive for an undisclosed amount, informed the company in an official statement.
Kongsberg Automotive and Futuris Group (Futuris) entered into a sales and purchase agreement on January 6, 2017. With the closing of the deal having taken place on Friday, all contracts, employees, and other assets have been transferred to Futuris.
As previously communicated at Kongsberg Automotive’s Capital Market Day in November 2016, Kongsberg Automotive had decided to divest its Headrest and Armrest business in order to focus its Interior Segment on the Seat Climate and Support systems and Light Duty Cable products.
Futuris is a Tier 1 global seating and interiors supplier and is located across 5 countries, the United States, Mexico, China, Thailand and Australia.
Headquartered in Switzerland, Kongsberg Automotive's product portfolio includes seat comfort systems, driver and motion control systems, fluid assemblies, and industrial driver interface products developed for global vehicle manufacturers.