Adient, the automotive seating and interiors business being spun off from Johnson Controls Inc. (NYSE: JCI), Milwaukee, WI, announced that it expects sales of $16.8 to $17 billion and adjusted net income between $850 and $900 million for fiscal year 2017, the company's first year of trading.
Johnson Controls announced earlier this year that Adient would be the name of its automotive seating and interiors business after the entity is spun off into a new publicly traded company in October. The company expects to begin operating as an independent company and trade on the New York Stock Exchange under the symbol "ADNT" on Oct. 31, when the spinoff from Johnson Controls is completed.
"The automotive business has consistently been a significant growth engine for Johnson Controls over the past 25 years," said incoming CEO Bruce McDonald. "Operating as an independent company will enable us to invest in the business to drive profitable growth, ultimately delivering value to our shareholders."
