DETROIT, March 27, 2017 /PRNewswire/ --
Adient, plc (NYSE: ADNT), the world's leading automotive seating and interiors supplier, today announced it is collaborating with Boeing to explore innovative comfort, efficiency and functional improvements to commercial aircraft seating and interiors.
The collaboration brings together two global leaders in their respective industries. Boeing, the world's leading airplane manufacturer, is providing insight into the commercial aviation industry and its technical specifications, as well as an understanding of FAA certification requirements. Adient is the largest global supplier of seating and interior systems for the automotive industry and will contribute expertise in design, comfort, craftsmanship, operational excellence, and supply chain management.
"Adient is committed to our strategy of leveraging our strong global expertise and leadership in automotive seating and interiors to deliver customer value and competitive advantages in adjacent mobility markets," said Adient Chairman and CEO Bruce McDonald. "Through discussions with Boeing, we believe there's an opportunity for Adient to raise the bar on the aviation passenger experience, building on our leadership in the automobile seat market."
According to Counterpoint Market Research, LTD, the aircraft Interiors market is estimated to reach $21.7B by 2025, a compounded annual growth rate of 4.3% from 2016 to 2025. The industry is consolidated among a small number of providers.
"Boeing is building commercial airplanes at record rates to deliver on an order backlog of more than $400 billion," said Kent Fisher, vice president and general manager, Supplier Management, Boeing Commercial Airplanes. "We continually explore opportunities to offer more value to our customers and believe they would benefit from a wider range of options and more reliable, on-time performance in the airplane interiors and seating category."
Adient is a global leader in automotive seating. With 75,000 employees operating in 230 manufacturing/assembly plants in 33 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.
Cautionary Statement Regarding Forward-Looking Statements:
Adient 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 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 ability of Adient to meet debt service requirements and comply with covenants which may restrict the payment of dividends, the availability and 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, and cancellation of or changes to commercial arrangements. A detailed discussion of risks related to Adient's business, including risks relating to the payment of dividends, is included in the section entitled "Risk Factors" in Adient's Annual Report on Form 10-K for the fiscal year ended September 30, 2016 filed with the SEC on November 29, 2016 and available at http://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. In addition, this document includes certain projections provided by Adient with respect to the anticipated future performance of Adient's businesses. Such projections reflect various assumptions of Adient's management concerning the future performance of Adient's 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. Adient does not 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.
David J. Roznowski
Nate Hulings - Boeing
SOURCE Adient Ltd. & Co. KG