Boeing (NYSE: BA) has announced that its airplane seat joint venture with Adient (NYSE: ADNT) is operational after securing regulatory approvals, the company said.
The companies appointed Alan Wittman as Chief Executive Officer and named the team that will lead Adient Aerospace in addressing the aviation industry´s need for more capacity and quality in airplane seating. Industry analysts forecast the commercial aircraft seating market to grow from approximately USD 4.5 billion in 2017 to USD 6 billion by 2026.
The joint venture between Boeing and Adient, is developing a portfolio of seats for new airplane and retrofit configurations. Adient Aerospace is initially developing lie-flat business class seating offerings for widebody airplanes.
Boeing is the world´s largest aerospace company and leading manufacturer of commercial jetliners and defense, space and security systems.
Adient is the global leader in automotive seating. With 85,000 employees operating 238 manufacturing/assembly plants in 34 countries worldwide, the company produces and delivers automotive seating for all vehicle classes and all major OEMs.