Elders sells Futuris

The debt-laden Elders group has sold its car interiors business, Futuris, to a US private equity firm for $69 million. Proceeds from the sale to Clearlake Capital will be used to reduce debt, but Elders expects a one-off loss of about $28 million from the deal. The company said the sale was a big step in its path to becoming focused solely on rural services.

By InvestSMART · 2 Aug 2013

By InvestSMART ·
2 Aug 2013

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Frequently Asked Questions about this Article…

What did Elders sell when it sold Futuris?

Elders sold its car interiors business, Futuris, transferring the operations and assets of the Futuris unit as part of the deal.

Who bought Futuris from Elders?

Futuris was bought by Clearlake Capital, a US private equity firm, according to the article.

How much did Elders receive from the sale of Futuris?

The sale price for Futuris was $69 million, and Elders said the proceeds will be used to reduce its debt.

Why did Elders decide to sell Futuris?

The article says the debt‑laden Elders group sold Futuris to reduce debt and as a step toward becoming focused solely on rural services.

Will Elders record any loss from selling Futuris?

Yes. Elders expects to record a one‑off loss of about $28 million from the Futuris sale.

How will the proceeds from the Futuris sale be used by Elders?

Elders said the proceeds from the $69 million sale to Clearlake Capital will be used to reduce the company’s debt.

What does Futuris do as a business?

Futuris is described in the article as Elders’ car interiors business, operating in automotive interiors.

What does the Futuris sale mean for Elders’ future strategy?

Elders described the sale as a big step in its path to becoming focused solely on rural services, signalling a strategic refocus away from non‑rural operations.