Johnson Controls Announces New Automotive Company to be Named Adient
MILWAUKEE, Jan. 12, 2016 /PRNewswire/ -- Johnson Controls, Inc., (NYSE:JCI) today revealed that Adient will be the name of its automotive seating and interiors business after the entity is spun off into a new publicly traded company in October 2016.
"Adient is a positive, powerful name that underscores our unique point of differentiation, namely, our ability to bring the right pieces together the right way, at precisely the right time, to deliver the best value for our customers," said Bruce McDonald, current Johnson Controls vice chairman and future Chairman and Chief Executive Officer of Adient. "Adient is a Latin word that translates to accepting and advancing a situation or a stimulus, which is representative of our constant drive to engage, compete and always improve."
The Adient name was announced today by McDonald as part of his presentation to investors at the Deutsche Bank Global Auto Industry Conference in Detroit, Michigan. An archived recording of the presentation can be accessed at www.johnsoncontrols.com.
"The announcement of our new name is the first step on our journey to launch our new brand and to defining our future as a successful, independent company," McDonald said. "It is our mission to set the standard as a world-class automotive seating supplier through leadership in cost, quality, launch execution and customer satisfaction. We will leverage our capabilities to drive growth, both within and beyond the automotive industry."
In his presentation, McDonald said he expects Adient to implement new strategies that will drive higher levels of growth and profitability as well as strong cash flows. He said Adient will increase its investments in innovation in order to gain share and increase value to customers and shareholders.
Adient expects to disclose detailed financial information in late March or early April with the filing of a Form 10 Information Statement with the U.S. Securities and Exchange Commission. Once filed, a copy of the form will be made available on the Investors page of www.johnsoncontrols.com and after October 1, 2016, on www.adient.com.
Adient common stock will be traded on the New York Stock Exchange under the ticker symbol ADNT. The first day of trading is expected to be Monday, October 3, 2016.
Forward Looking Statements
Johnson Controls, Inc. has made statements in this document that are forward-looking and, therefore, are subject to risks and uncertainties. All statements in this document other than statements of historical fact are statements that are, or could be, deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Johnson Controls cautions that these statements are subject to numerous important risks, uncertainties, assumptions and other factors, some of which are beyond the company's control that could cause Johnson Controls' actual results to differ materially from those expressed or implied by such forward-looking statements. Risk factors are as discussed in Item 1A of Part I of Johnson Controls' most recent Annual Report on Form 10-K for the year ended September 30, 2015and Johnson Controls' subsequent Quarterly Reports on Form 10-Q. Shareholders, potential investors and others should consider these factors in evaluating the forward-looking statements and should not place undue reliance on such statements.
About Johnson Controls
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 130,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating components and systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful. In 2015, Corporate Responsibility Magazine recognized Johnson Controls as the #14 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter
Johnson Controls Automotive Experience
Johnson Controls Automotive Experience is a global leader in automotive seating components and systems. We support all major automakers in the differentiation of their vehicles through our products, technologies and advanced manufacturing capabilities. With more than 200 locations worldwide, we are where our customers need us to be. Consumers have enjoyed the comfort and style of our products, from single components to complete seat systems. With our global capability we supply more than 50 million cars per year. Johnson Controls pursues a spin-off of its Automotive Experience business. Following the separation, which is expected to take effect October 1, 2016, the Automotive Experience business will operate as the independent, publicly traded company Adient. Bruce McDonald will serve as the chairman and CEO of the new company. Beda Bolzenius will serve as president and COO.
Glen L. Ponczak
SOURCE Johnson Controls, Inc.