Adient plc
Company typePublic
ISINIE00BD845X29
PredecessorAutomotive Experience division of Johnson Controls International[1]
FoundedOctober 31, 2016; 7 years ago (2016-10-31)[1]
HeadquartersPlymouth, Michigan, U.S.
Number of locations
200 manufacturing/assembly plants (2022)[1]
Area served
Worldwide
Key people
Jerome Dorlack (CEO)[2]
RevenueUS$14.1 billion (2022)[1]
Number of employees
70,000 (2022)[1]
Websiteadient.com

Adient plc is an American Irish-domiciled company that manufactures automotive seating for customers worldwide and is based in Plymouth, Michigan, United States.[3]

History

Adient was founded as a spin-off from Johnson Controls in 2016,[3] establishing its legal domicile in Dublin, Ireland.[1] Johnson Controls had entered the automotive seating business in 1985 by acquiring Hoover Universal.[4] In September 2017, Adient acquired the Oak Park, Michigan-based automotive seat manufacturer Futuris from Clearlake Capital, which added 15 facilities in Asia and North America, including one facility based in Newark, California,[5] and which was anticipated to increase the company's revenue by $0.5 billion annually.[3]

In 2016, Adient announced plans to move its global operating headquarters to the Marquette Building in Detroit,[6] but canceled those plans as of June 2018.[7]

concept vehicle by Adient

In January 2018, a joint venture was formed by Adient (50.01%) and Boeing (49.99%) to develop and manufacture airliner seats for new installations or retrofit, a $4.5 billion market in 2017 which will grow to $6 billion by 2026, to be based in Kaiserslautern near Frankfurt and distributed by Boeing subsidiary Aviall, with its customer service center in Seattle.[8]

In February 2020 Adient announced it agreed to sell its 30% stake in Yanfeng Global Automotive Interior Systems to Yanfeng Automotive Trim Systems US$379 million.[9][10]

In March 2020, Adient entered into an agreement to sell its automotive fabrics manufacturing business to Sage Automotive Interiors for $175 million.[11][12]

As of 2022, Adient employed 70,000 people across 200 manufacturing/assembly plants,[1] in 30 countries.[3][Nt 1]

Notes

  1. ^ It is unclear whether this number includes assets acquired through Futuris.

References

  1. ^ a b c d e f g Wong, Wilson Kia Onn (2017). "The global automotive seats industry". Automotive Global Value Chain: The Rise of Mega Suppliers. Routledge Advances in Management and Business Studies. Routledge. p. 87. ISBN 9781315300979. OCLC 1003268557 – via Google Books (preview).
  2. ^ "Adient President and CEO Doug del Grosso announces retirement; CFO Jerome Dorlack to be appointed leader of seating supplier" (Press release).
  3. ^ a b c d "Adient Earnings Release". Adient Investors Website. November 2023. Retrieved 19 October 2023.
  4. ^ Daniels, Lee A. (1985-03-05). "Johnson Buying Hoover Universal". The New York Times. ISSN 0362-4331. Retrieved 2018-08-29.
  5. ^ Loan Programs Office (January 2016). Driving Economic Growth: Advanced Technology Vehicles Manufacturing (PDF) (Report). United States Department of Energy. p. 2. Retrieved 6 January 2018.
  6. ^ Wayland, Michael (30 November 2016). "Adient moving to downtown Detroit's Marquette Building". The Detroit News. Retrieved 2017-12-04.
  7. ^ "Auto supplier Adient cancels move to downtown Detroit. Here's why". Detroit Free Press. Retrieved 2018-07-05.
  8. ^ "Boeing, Adient Launch New Company to Design and Build Airplane Seats" (Press release). Adient. 16 January 2018 – via PRNewswire.
  9. ^ "Adient enters into agreement with joint venture partner Yanfeng to restructure existing joint venture relationships and drive shareholder value". finance.yahoo.com. Retrieved 2020-02-19.
  10. ^ "Adient to sell stake in Yanfeng Global Automotive - International Leather Maker". internationalleathermaker.com. 3 February 2020. Retrieved 2020-02-19.
  11. ^ "Adient enters into settlement to promote its materials enterprise". Car Enthusiast World. 2020-03-09. Retrieved 2020-03-19.
  12. ^ "Adient enters into agreement to sell its fabrics business | Automotive World". www.automotiveworld.com. 6 March 2020. Retrieved 2020-03-19.

External links

Automotive industry in the United States
S&P 400 companies
Authority control databases
Categories