Adient

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Adient plc

logo
legal form Public limited company
ISIN IE00BD845X29
founding October 31, 2016
Seat Dublin , IrelandIrelandIreland 
management Douglas G. DelGrosso ( CEO )
Number of employees 86,000
sales $ 16.2 billion (2017)
Branch Automotive supplier
Website www.adient.com

Adient is a global supplier of car seats . The company, based in Dublin was created in 2016 by the spin-off of the former Automotive Experience division of Johnson Controls . Adient has been traded on the New York Stock Exchange since October 31, 2016 under the symbol ADNT. In fiscal 2017, the company generated sales of 16.2 billion US dollars . Adient is the world's largest car seat manufacturer with around 33% market share.

Concept vehicle from Adient

history

origin

As a spin-off of the business unit for car seats from Johnson Controls since the introduction of Johnson Controls in the business of car seats are completed acquisitions , partnerships and joint venture to Adient.

For the first time Johnson Controls entered the business through the acquisition of in in March 1985. Ann Arbor in the US state of Michigan based company Hoover Universal one. Johnson Controls took over the company, founded in 1911 as Hoover Ball and Bearing Co. and renamed Hoover Universal in 1977, with more than 8,000 employees in 57 locations worldwide for $ 490 million .

At the end of the 1980s, Johnson Controls expanded its activities in the field of car seats with the takeover of the Naue Group , based in Espelkamp in North Rhine-Westphalia, and Lahnwerke, based in Dautphetal in Hesse .

In 1996, Johnson Controls acquired console , headliner and electronics supplier Prince Automotive with 4,500 employees and 8 manufacturing facilities for $ 1.35 billion. Two years later, in May 1998, Johnson Controls bought the Becker Group , a Detroit- based manufacturer of automotive interior trim companies founded in 1954 .

With the takeover of the supplier for seat adjusters, Lander Automotive , based in Nufringen , Baden-Württemberg , Johnson Controls expanded its presence in Germany in 2007.

Out of bankruptcy , Johnson Controls bought large parts of Dearborn , Michigan-based Plastech Engineered Products in 2008 and transferred it to a joint venture to which Johnson Controls contributed five plants and $ 135 million. The combined company produces injection molded floor and door consoles.

In 2010, Johnson Controls bought the German supplier of surface materials for instrument panels , Benoac Prefabricated Parts , with 60 employees. Later in the year, Johnson Controls acquired the Laroque-d'Olmes- based French supplier of textiles and seat covers, Michel Thierry , with 23 plants and around 1,700 employees in 15 countries.

Founded in 1849, seat structures, components and mechanisms supplier, C. Rob. Hammerstein , based in Solingen, and its 3,600 employees were taken over in 2011. In the same year Johnson Controls acquired another supplier of seat structures, components and mechanisms: Keiper from Kaiserslautern with 4,750 employees at 13 locations was taken over. At the same time, the special seat manufacturer Recaro Automotive Seating also went to Johnson Controls. Recaro Automotive Seating has been using the Recaro brand under license from Recaro Holding since then . Recaro’s business units Recaro Aircraft Seating and Recaro Child Safety remained owned by Recaro Holding .

Spin-off

On July 2, 2015, Johnson Controls officially spun off its interior design business into a joint venture with Yanfeng Automotive Trim Systems , a subsidiary of China's SAIC . Johnson Controls received 30 percent and Yanfeng 70 percent of the shares in the joint venture called Yanfeng Automotive Interiors . The Johnson Controls stake of 30 percent was transferred to Adient in 2016.

At the end of July 2015, Johnson Controls announced that it would also set up its Automotive Experience (now Adient) division. The separation was completed on October 31, 2016 with the issue of one common share for every ten Johnson Controls shares to shareholders who held shares on October 19, 2016, the date of issue.

Development since the foundation

On August 21, 2017, Adient announced the acquisition of Futuris Group for $ 360 million. Futuris is a manufacturer of car seats and interior systems with 15 plants in North America and Asia.

Surname

The Johnson Controls spin-off company name was announced at an investor conference in January 2016. It is an invented word with Latin origin. According to the company, Adient stands for “accepting a situation or an impulse and developing it further”. This should reflect the company's permanent drive to increase its competitiveness and to continuously improve.

Corporate structure

Adient produces and supplies complete seats and seat components to its customers. In the field of special seats, the company manufactures seats for racing cars and other passenger and commercial vehicles. Adient also produces interior fittings for automobiles in joint ventures around the world.

Products

  • Complete seats: Adient supplies and produces complete seating systems just-in-time or just-in-sequence to the customer's assembly systems. The components required for this, such as metal structures and seat mechanisms as well as foams for seat cushions and seat covers, come either from Adient's own seat part production or from that of competitors.
  • Seat components: The company produces seat structures and mechanisms, such as front seat and rear seat structures, seat rails , seat back adjusters, height adjusters, seat locks, foam for seat cushions, backrests or headrests. Adient also produces textiles for seats and door panels as well as armrests. Adient also cuts, sews and embroidered textiles and leather for seat covers.
  • Special seats: In the special seats sector, the company develops, produces and sells special seats for cars and trucks in the original equipment and retrofit business. In January 2020, Adient sold the Recaro Automotive Seating division .
  • Aircraft Seats: In March 2017, Adient announced that the company was investigating collaboration opportunities in the aircraft seat sector. In January 2018, Adient and aircraft manufacturer Boeing announced their intention to establish Adient Aerospace , a joint venture for aircraft seats. Adient is to hold 50.01 percent and Boeing 49.99 percent. At the Aircraft Interiors Expo 2018, Adient and Boeing jointly presented the first seat prototypes.

Joint ventures

In China in particular, Adient operates its car seat business through joint venture partnerships with Chinese automobile manufacturers. The area for the manufacture of interior fittings with its worldwide activities will also be consolidated in the Yanfeng Automotive Interiors joint venture .

Locations

Adient employs approximately 86,000 people in more than 250 locations in 37 countries.

America

Marquette Building, Adient's future global corporate headquarters in Detroit

In North America, Adient has 76 operations in the United States , Canada and Mexico . In South America , Adient has eight operations in Argentina and Brazil . On November 30, 2016, Adient announced that it had acquired the Detroit Marquette Building and plans to relocate its operational headquarters there after renovations. The plans were abandoned in June 2018 after weak corporate results in the previous quarter.

Europe and Africa

Adient has 106 locations in 19 European countries and five production and assembly plants in Africa . The company's European headquarters are in Burscheid, North Rhine-Westphalia .

Asia

Adient's China headquarters are in Shanghai . With 33,000 employees in 19 joint ventures in the seating area, Adient operates 73 plants in China . In fiscal 2017, Adient generated sales of $ 8.1 billion in China, mostly through non-consolidated joint ventures.

The headquarters for the rest of Asia are located in Yokohama , Japan . The company has production and assembly plants as well as development centers in various other Asian countries, such as India , Malaysia , South Korea , Thailand and Vietnam .

Corporate management

Adient is operationally managed by a so-called executive team. The company's activities are monitored by a board of directors . Similar to the German supervisory board , this consists mainly of external persons.

Executive team

The company is currently led by Interim CEO Frederick A. Henderson . Further members of the Board of Management are Jeff Stafeil as Executive Vice President and Chief Financial Officer , Neil Marchuk as Executive Vice President and Chief Human Resources Officer , Eric Mitchell and Byron Foster as Executive Vice President, Brian Grady as Vice President Commercial, Sheryl Haislet as Vice President and Chief Information Officer , Cathleen A. Ebacher as Vice President and Head of Legal, Glen Ponczak as Vice President responsible for Communications and Investor Relations , and Paul W. Van Hoof as Vice President Corporate Development .

Board of Directors

The company's Board of Directors currently consists of seven members with the former Johnson Controls Chairman, John M. Barth, as Interim Chairman. Other members of the Board of Directors include Interim CEO Frederick A. Henderson , Julie L. Bushman, Peter H. Carlin, Raymond L. Conner, Richard Goodman and Barb Samardzich.

Web links

Individual evidence

  1. ↑ a b c d e f Adient: Adient Investor Meeting. November 1, 2017, accessed January 29, 2018 .
  2. ↑ a b Adient Plc. In: CNN Money . Retrieved March 12, 2018.
  3. ^ A b Götz Fuchslocher: Adient from now on on the stock exchange. Adient independent automobile seat company In: Automobil Produktion from November 1, 2016. Accessed on March 12, 2018.
  4. ↑ Johnson Controls agreed to buy Hoover Universal In: Los Angeles Times, March 5, 1985. Retrieved March 26, 2018.
  5. ^ Company Overview of Hoover Universal, Inc In: Bloomberg . Retrieved January 29, 2018.
  6. ↑ a b About us subpage on the Adient website . Retrieved March 26, 2018.
  7. ↑ Bloomberg Business News: Another Deal In Auto Parts Consolidation. In: The New York Times, July 19, 1996. Retrieved March 26, 2018.
  8. ^ David Sedgwick: Johnson Controls Bags Becker Group, Bulk up in Europe, North America. In: Automotive News of May 4, 1998. Retrieved March 26, 2018.
  9. ↑ Plastech plants taken in: plastic web of 17 July 2008. Accessed January 29, 2018th
  10. ↑ US: Johnson Controls JV absorbs Plastech interior products In: Just Auto from July 2, 2008. Retrieved January 29, 2018 (English).
  11. ↑ Thomas Kröger: Johnson Controls takes over Benoac in Peine In: Peiner Allgemeine Zeitung of March 19, 2010. Accessed on January 29, 2018.
  12. ↑ Bernd Otterbach: Johnson Controls buys Michel Thierry In: Automobil Industrie, October 13, 2010. Accessed January 29, 2018.
  13. ↑ Johnson Controls completes acquisition of Michel Thierry Group In: UTECH of January 12, 2010. Retrieved January 29, 2018 (English).
  14. ^ Johnson Controls: Johnson Controls Completes Acquisition of C. Rob. Hammerstein Group In: PR Newswire, February 1, 2011. Retrieved January 29, 2018.
  15. ↑ Johnson Controls buys Hammerstein Group In: Solinger Tageblatt of September 20, 2014. Accessed on January 29, 2018.
  16. ↑ Auto supplier Keiper goes to Johnson Controls In: Handelsblatt dated December 30, 2010. Accessed January 14, 2018.
  17. ↑ Recaro Child Safety is repositioning itself In: Der Neue Wiesentbote from December 21, 2016. Accessed on January 29, 2018.
  18. ↑ Gert Reiling: Johnson Controls relies on car seats In: automotive IT of June 20, 2011. Accessed on January 29, 2018.
  19. ↑ Gabriel Pankow: Johnson Controls founds world's largest joint venture for interior equipment In: Automobil Produktion on April 14, 2015. Accessed on January 29, 2018.
  20. ↑ Bradford Wernle: Johnson Controls to name seating and interiors spinoff company Adient In: Automotive News, January 12, 2016. Accessed January 29, 2018.
  21. ↑ Frank Volk: Car seat manufacturer Adient takes over Futuris In: Automobil Produktion from August 22, 2017. Accessed on January 28, 2018.
  22. ↑ Uwe Vetter: Johnson Controls becomes "Adient" In: Rheinische Post on January 14, 2016. Accessed on January 29, 2018.
  23. ↑ Information Statement from Adient on the United States Securities and Exchange Commission website dated April 26, 2016. Retrieved January 29, 2018.
  24. ↑ Products subpage on the Adient website . Retrieved January 29, 2018.
  25. ↑ Adient sells Recaro - Auto-Medienportal.Net. Retrieved July 20, 2020 .
  26. ↑ Katharina Juschkat: Adient cooperates with Boeing on aircraft interiors In: Konstruktionspraxis from May 17, 2017. Accessed on January 29, 2018.
  27. ↑ Adient collaborating with Boeing to explore improved comfort, functionality of commercial aircraft seating and interiors Press release on the Adient website of March 27, 2017. Accessed on January 29, 2018.
  28. ↑ Stefan Weinzierl: Adient and Boeing found company for aircraft seats In: Production on January 17, 2018. Accessed on January 29, 2018.
  29. ↑ Victoria Moores: Adient Waiting On Approvals For Boeing JV In: Aviation Daily, April 9, 2018. Retrieved May 14, 2018.
  30. ↑ Murdo Morrison: AIX: Adient and Boeing reveal first fruits of collaboration In: Flight Daily News of April 10, 2018. Accessed April 30, 2018 (English).
  31. ↑ Adient Investor Meeting PDF on the Adient website of November 1, 2016, p. 18. Accessed January 29, 2018 (English).
  32. ↑ Adient To Establish Global Headquarters In Detroit, Michigan In: Area Development, July 12, 2016. Retrieved January 29, 2018.
  33. ↑ Adient backs out of Detroit move: Why it's not a big deal anymore . In: Detroit Free Press . ( freep.com [accessed June 25, 2018]).
  34. ↑ Ekkehard Rüger: Johnson Controls becomes Adient ( memento of the original from May 24, 2018 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. In: Bergischer Volksbote from January 13, 2016. Retrieved January 29, 2018. @1@ 2Template: Webachiv / IABot / www.wz.de
  35. ^ Locations sub- page on the Adient website . Retrieved January 29, 2018.
  36. ^ A b Reuters: Adient CEO resigns, company slashes profit outlook. June 11, 2018, accessed July 12, 2018 .
  37. ↑ The Executive Team subpage on the Adient website . Retrieved May 15, 2018.
  38. ^ Board of Directors subpage on Adient's website. Retrieved July 12, 2018 .