DETROIT, March 27, 2018 /PRNewswire/ -- Adient [NYSE:
ADNT] and Boeing [NYSE: BA] today announced that they will showcase
a portfolio of jointly developed business class seat prototypes
next month at the Aircraft Interiors Expo in Hamburg, Germany. They intend to contribute
those prototypes to Adient Aerospace, the joint venture that Adient
and Boeing are planning to establish to develop, manufacture and
sell a portfolio of seating products.
"We are excited to meet with potential customers at Hamburg to feature our demonstrator seats and
gather valuable feedback to inform our product design and
development plans," said Alan
Wittman, nominated CEO of Adient Aerospace. "We see an
opportunity to create more value for airline customers by improving
performance, which has long been an issue in the seating category,
while expanding options and enhancing the passenger
experience."
The joint venture between Adient, the global leader in
automotive seating, and Boeing, the world's largest aerospace
company, will be established to sell seats to airlines and aircraft
leasing companies, for installation on new airplanes and as
retrofit configurations for aircraft produced by Boeing and other
commercial airplane manufacturers.
Adient Aerospace will leverage Boeing's industry leadership and
deep understanding of customer needs as well as technical
requirements, and Adient's expertise in superior comfort and
craftsmanship.
In January 2018, Adient and Boeing
announced their intent to form Adient Aerospace. The establishment
of the joint venture is subject to customary regulatory
approvals.
About Adient:
Adient is the global leader in automotive seating. With
85,000 employees operating 238 manufacturing/assembly plants in 34
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 25 million
vehicles every year. For more information on Adient, please visit
adient.com.
About Boeing:
Boeing is the world's largest aerospace company and leading
manufacturer of commercial airplanes and defense, space and
security systems. Boeing is also the world leader in combined
commercial airlines and government services with customers in more
than 150 countries. The company's products and tailored services
include commercial and military aircraft, satellites, weapons,
electronic and defense systems, launch systems, advanced
information and communication systems, and performance-based
logistics and training. Boeing employs approximately 140,000 people
across the United States and in
more than 65 countries. Company revenues for 2016 were $94.6 billion.
Cautionary Statement Regarding Forward-Looking
Statements:
Adient and Boeing have each 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 Adient's and Boeing's 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.
Adient and Boeing each caution that these statements are subject to
numerous important risks, uncertainties, assumptions and other
factors, some of which are beyond their control, that could cause
their actual results to differ materially from those expressed or
implied by such forward-looking statements, including, among
others, risks related to: the ability of Adient Aerospace to
successfully implement its strategic initiatives or realize the
expected benefits of the joint venture, the ability of Adient or
Boeing to meet debt service requirements, the ability and terms of
financing, general economic and business conditions, the strength
of the U.S. or other economies, automotive vehicle or aircraft
production levels, mix and schedules, energy and commodity prices,
the availability of raw materials and component products, currency
exchange rates, the ability of Adient to effectively integrate the
Futuris business, and cancellation of or changes to commercial
arrangements. A detailed discussion of risks related to Adient's
business is included in the section entitled "Risk Factors" in
Adient's Annual Report on Form 10-K for the fiscal year ended
September 30, 2017 filed with the SEC
on November 22, 2017 and quarterly
reports on Form 10-Q filed with the SEC, available at www.sec.gov.
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, Adient and Boeing assume no obligation, and disclaims any
obligation, to update such statements to reflect events or
circumstances occurring after the date of this document.
In addition, this document includes certain projections provided
by Adient and Boeing with respect to the anticipated future
performance of their respective businesses. Such projections
reflect various assumptions of each company's management concerning
the future performance of its businesses, which may or may not
prove to be correct. The actual results may vary from the
anticipated results and such variations may be material. Neither
Adient nor Boeing undertake any obligation to update the
projections to reflect events or circumstances or changes in
expectations after the date of this document or to reflect the
occurrence of subsequent events. No representations or warranties
are made as to the accuracy or reasonableness of such assumptions
or the projections based thereon.
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SOURCE Adient