CORK, Ireland, Sept. 29, 2016 /PRNewswire/ -- Johnson
Controls (NYSE:JCI) today announced that the Securities and
Exchange Commission has declared effective the Registration
Statement on Form 10 filed by its automotive seating and interiors
business, Adient, in connection with its spin-off from Johnson
Controls.
The effectiveness of the Form 10 is one of the final important
steps towards completing the separation, which is set to occur on
October 31, 2016 through a
distribution to Johnson Controls shareholders of one ordinary share
of Adient for every 10 ordinary shares of Johnson Controls held as
of the close of business on Oct. 19,
2016, the record date for the distribution.
Adient ordinary shares are expected to begin trading on the New
York Stock Exchange (NYSE) on Oct. 31,
2016 under the symbol "ADNT." The company expects
"when-issued" trading for Adient ordinary shares to begin
Oct. 17, 2016 and continue through
Oct. 28, 2016.
The company also expects that beginning on Oct. 17, 2016 and continuing through Oct. 28, 2016, there will be two markets in
Johnson Controls ordinary shares: Johnson Controls shares that
trade in the "regular-way" market will trade with an entitlement to
the Adient ordinary shares to be distributed; shares that trade in
the "ex-distribution" market will trade without an entitlement to
Adient ordinary shares.
Johnson Controls shareholders who sell their shares in the
"regular-way" market before Oct. 31,
2016 will also be selling their entitlement to receive
Adient ordinary shares in the distribution. Johnson Controls
shareholders are encouraged to consult with their financial and tax
advisors regarding the specific consequences of selling Johnson
Controls shares before Oct. 31,
2016.
About Adient:
Adient is the global leader in
automotive seating. With 75,000 employees operating in 230
manufacturing/assembly plants in 32 countries worldwide, we produce
and deliver automotive seating for all vehicle classes and all
major OEMs. From complete seating systems to individual components,
our expertise spans every step of the automotive seat-making
process. Our integrated, in-house skills allow us to take our
products from research and design all the way to engineering and
manufacturing – and into more than 50 million cars every year.
About Johnson Controls:
Johnson Controls is a global
diversified technology and multi industrial leader serving a wide
range of customers in more than 150 countries. Our 117,000
employees create intelligent buildings, efficient energy solutions,
integrated infrastructure and next generation transportation
systems that work seamlessly together to deliver on the promise of
smart cities and communities. Our commitment to sustainability
dates back to our roots in 1885, with the invention of the first
electric room thermostat. We are committed to helping our
customers win and creating greater value for all of our
stakeholders through strategic focus on our buildings and energy
growth platforms. For additional information, please visit
http://www.johnsoncontrols.com or follow us @johnsoncontrols on
Twitter.
Cautionary Statement Regarding Forward-Looking
Statements
Johnson Controls International plc 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. In this document, statements regarding Johnson
Controls' future financial position, sales, costs, earnings, cash
flows, other measures of results of operations, capital
expenditures or debt levels and plans, objectives, outlook,
targets, guidance or goals are forward-looking statements. Words
such as "may," "will," "expect," "intend," "estimate,"
"anticipate," "believe," "should," "forecast," "project" or "plan"
or terms of similar meaning are also generally intended to identify
forward-looking statements. Johnson Controls cautions that these
statements are subject to numerous important risks, uncertainties,
assumptions and other factors, some of which are beyond Johnson
Controls' control, that could cause Johnson Controls' actual
results to differ materially from those expressed or implied by
such forward-looking statements, including, among others, risks
related to: uncertainties as to the timing of the spin-off and
whether it will be completed, the possibility that various closing
conditions for the spin-off may not be satisfied or waived, the
expected tax treatment of the spin-off, the impact of the spin-off
on the businesses of Johnson Controls and Adient, the risk that
disruptions from the spin-off will harm Johnson Controls' business,
competitive responses to the spin-off, general economic and
business conditions that affect Johnson Controls and Adient
following the spin-off, the strength of the U.S. or other
economies, automotive vehicle production levels, mix and schedules,
energy and commodity prices, the availability of raw materials and
component products, currency exchange rates, and cancellation of or
changes to commercial arrangements. A detailed discussion of risks
related to Johnson Controls' business is included in the section
entitled "Risk Factors" in each of Johnson Controls, Inc.'s and
Tyco International plc's Annual Reports on Form 10-K for the 2015
fiscal year filed with the SEC on November
18, 2015 and November 13,
2015, respectively, and in the quarterly reports on Form
10-Q filed by each company with the SEC after such date, and
available at www.sec.gov and www.johnsoncontrols.com under the
"Investors" tab, as well as the Form 10 registration statement
filed by Adient Limited and the amendments thereto. Shareholders,
potential investors and others should consider these factors in
evaluating the forward-looking statements and should not place
undue reliance on such statements. The forward-looking statements
included in this document are made only as of the date of this
document, unless otherwise specified, and, except as required by
law, Johnson Controls assumes no obligation, and disclaims any
obligation, to update such statements to reflect events or
circumstances occurring after the date of this document.
MEDIA
CONTACT:
|
David
Roznowski
|
|
+1 734 254
3255
|
|
David.J.Roznowski@adient.com
|
INVESTOR
CONTACT:
|
Mark
Oswald
|
|
+1 734 254
3372
|
|
Mark.A.Oswald@adient.com
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/adient-form-10-declared-effective-300336802.html
SOURCE Johnson Controls