Adient (NYSE: ADNT) announced its debut as an independent, publicly traded corporation and the completion of its separation from Johnson Controls International. The company's shares begin trading today on the New York Stock Exchange under the symbol "ADNT."
Adient is one of the world's largest global automotive seating suppliers, supporting all major automakers in differentiating vehicles through superior quality, technology and performance. With 75,000 employees, the company operates 230 manufacturing & assembly plants in 33 countries. In addition, Adient is well-positioned in the growing China market, where it has 17 seating joint ventures (JVs) operating 60 manufacturing locations in 32 cities.
The distribution of Adient ordinary shares took place at 12:01 a.m. ET on October 31, 2016. In the distribution, Adient issued one ordinary share for every ten Johnson Controls shares held on October 19, 2016, the record date for the distribution. No fractional shares of Adient were issued.
Adient's Chairman and Chief Executive Officer R. Bruce McDonald and other members of Adient's executive management team participated in the opening bell-ringing ceremony on the floor of the New York Stock Exchange to celebrate the official "day one" for Adient.
"Ringing the opening bell at the New York Stock Exchange is more than symbolic," said McDonald. "It signifies Adient's ability to operate as an independent company and invest in the business to drive profitable growth and, ultimately, value to our shareholders, customers and employees."
As an independent company, Adient plans to increase investments in innovative products and technologies that address trends such as autonomous driving, electrification, slim and lightweight seating, and consumer personalization.
The company also expects to take advantage of opportunities in adjacent markets outside of the traditional automotive industry, such as in commercial vehicle, passenger train and aircraft seating.
McDonald reiterated the strength that Adient brings to the market and shareholders as an independent company.
- Leading and strengthening market position
- A customer portfolio that is the envy of the industry
- Well diversified revenue base
- Industry leading position in China
- Improving profitability; opportunity for further margin enhancement
- Solid and improving cash flow generation
More information on Adient's investment thesis is available at the Adient website under investor relations. For more information on Adient, please visit adient.com
Adient is a global leader in automotive seating. With 75,000 employees operating 230 manufacturing/assembly plants in 33 countries worldwide, we produce and deliver automotive seating for all vehicle classes and all major OEMs. From complete seating systems to individual components, our expertise spans every step of the automotive seat-making process. Our integrated, in-house skills allow us to take our products from research and design all the way to engineering and manufacturing - and into more than 25 million vehicles every year.