Johnson Controls (JCI) Announces Completion of Adient (ADNT) Separation
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Johnson Controls (NYSE: JCI) announced its automotive seating business is now Adient (NYSE: ADNT), an independent, publicly traded company with 75,000 employees globally focused on strengthening its market leading position.
The separation of Adient completes a process begun more than a year ago when Johnson Controls announced its plan to spin off the automotive seating business as part of its multi-industrial strategy focused on making investments in the company's core growth platforms around buildings and energy.
Johnson Controls Chairman and Chief Executive Officer Alex Molinaroli joined Adient Chairman and Chief Executive Officer R. Bruce McDonald and other members of Adient's executive management team on the floor of the New York Stock Exchange this morning to ring the opening bell, marking Adient's first day trading as an independent company.
"I want to congratulate Bruce, the entire Adient team and our Johnson Controls employees for the hard work and dedication to get us to this historic day that positions both companies for success," said Molinaroli. "As an independent company, Adient will have the focus and resources necessary to thrive as the world leader in automotive seating, and Johnson Controls is now uniquely positioned for growth as the global leader in products, technologies and integrated solutions for the buildings and energy sectors."
The separation of Adient follows the completion of Johnson Controls' merger with Tyco on Sept. 2, 2016, which created a combined company of $30 billion in revenue that will provide smarter, more secure and safer environments for customers around the world.
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