PLYMOUTH, MICH., Oct. 1, 2020 /PRNewswire/ -- Adient, a
global leader in automotive seating, announced today that it has
closed its previously announced sale of the company's automotive
fabrics manufacturing business, including its lamination business,
to Sage Automotive Interiors, an Asahi Kasei company, on
Sept. 30, 2020.
The sale aligns with Adient's continuing strategy of focusing on
its core, high-volume seating business. Cash proceeds received from
the sale totaled approximately $175M.
About Adient:
Adient is a global leader in automotive
seating. With approximately 80,000 employees in 34 countries,
Adient operates 220 manufacturing/assembly plants worldwide. We
produce and deliver automotive seating for 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 to engineering and manufacturing – and into
more than 23 million vehicles every year. For more
information on Adient, please visit adient.com
Cautionary Statement Regarding Forward-Looking
Statements:
Adient 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 the outcome, benefits and synergies of the
transactions described herein or Adient'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 cautions that these statements are subject to numerous
important risks, uncertainties, assumptions and other factors, some
of which are beyond Adient's control, that could cause Adient's
actual results to differ materially from those expressed or implied
by such forward-looking statements, including, among others, risks
related to: the continued financial and operational impacts of and
uncertainties relating to the COVID-19 pandemic on Adient and its
customers, suppliers, joint venture partners and other parties, the
ability of Adient to effectively launch new business at forecasted
and profitable levels, the ability of Adient to execute its
turnaround plan, uncertainties in U.S. administrative policy
regarding trade agreements, tariffs and other international trade
relations, the impact of tax reform legislation
through the Tax Cuts and Jobs Act, the ability of Adient
to meet debt service requirements, terms of financing, general
economic and business conditions, 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, the cancellation
of or changes to commercial arrangements, and the ability of Adient
to identify, recruit and retain key leadership. 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,
2019 filed with the SEC on November
22, 2019 and subsequent 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 assumes
no obligation, and disclaims any obligation, to update such
statements to reflect events or circumstances occurring after the
date of this document.
ADNT-FN
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SOURCE Adient