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.