Adient, plc (NYSE: ADNT) and Boeing (NYSE: BA) have announced the formation of Adient Aerospace, a joint venture that will develop, manufacture, and sell a portfolio of seating products to airlines and aircraft leasing companies, the company said.
The seats will be available for installation on new airplanes and as retrofit configurations for aircraft produced by Boeing and other commercial airplane manufacturers.
The joint venture between Adient, the global provider of automotive seating, and Boeing, the world´s largest aerospace company, addresses the aviation industry´s need for more capacity in the seating category, superior quality and reliable on-time performance. Adient Aerospace will benefit from the world-class engineering teams and innovative cultures at both companies, as well as shared expertise in managing complex, global supply chains.
Adient Aerospace´s headquarters, technology center and initial production plant will be located in Kaiserslautern, Germany, near Frankfurt. The joint venture´s initial customer service center will be based in Seattle, Washington. Adient Aerospace aftermarket spare parts distribution will be performed exclusively through Aviall, a wholly owned subsidiary of Boeing.
Adient is the majority stakeholder in the new company (50.01 percent share) and expects the joint venture to be included in its consolidated financial statements. Boeing (as 49.99 percent partner) will receive a proportionate share of the earnings and cash flow. Both will have representation on Adient Aerospace´s board of directors.
Adient is the global provider of 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.
Boeing is the world´s largest aerospace company and manufacturer of commercial airplanes and defense, space and security systems. Boeing is also the world provider of 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.