Last Tuesday, Clearlake Capital Group had completed its purchase of Futuris Automotive from Elders Limited. The transaction was announced last July 31, 2013 as Elders Limited sold its ownership over the automotive firm.
Part of the transaction's provision is the appointment of Clearlake Operating Advisor Mervin Dunn as Co-Chairman of the Futuris board of directors.
Futuris Automotive was established in 1967 and has become a global leader as Tier 1 automotive supplier that designs, develops and manufactures seating and interior systems for OEMs. These solutions include seating systems, interior products and hardware such as door trims, headliners and floor carpets together with many aftermarket services.
According to newly appointed Futuris Automotive board co-chairman Mervin Dunn, "Future has world class design and manufacturing capabilities and will greatly benefit from Clearlake's sponsorship and the ability to seek new business opportunities in the global automotive and commercial vehicle market. We plan to focus on enhancing Futuris' product portfolio and geographic expansion strategy to take advantage of favorable trends in the automotive market in Asia and other geographies."
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