Johnson Controls completed the spin-off of its automotive seating business Monday as Adient plc began trading as a public company on the New York Stock Exchange.
Adient chairman and chief executive officer Bruce McDonald and other executives participated in the opening bell-ringing ceremony.
“Ringing the opening bell at the New York Stock Exchange is more than symbolic,” said McDonald. “It signifies Adient’s ability to operate as an independent company and invest in the business to drive profitable growth and, ultimately, value to our shareholders, customers and employees.”
Johnson Controls announced the spin-off last year before it agreed to merge with Tyco International. That merger, which was completed in September, cleared the way for Adient to also be based in Ireland, allowing the new company to take advantage of a lower tax rate.
An Adient spokesman said last week the company plans to announce a headquarters in the Detroit area by the end of the year. The company will have about 100 employees, including McDonald, based in Milwaukee.
The company will have around $17 billion in consolidated revenue and the company plans to increase its investments in new products and technologies.
“I want to congratulate Bruce, the entire Adient team and our Johnson Controls employees for the hard work and dedication to get us to this historic day that positions both companies for success,” said Alex Molinaroli, Johnson Controls chairman and chief executive officer. “As an independent company, Adient will have the focus and resources necessary to thrive as the world leader in automotive seating, and Johnson Controls is now uniquely positioned for growth as the global leader in products, technologies and integrated solutions for the buildings and energy sectors.”
Johnson Controls shareholders received one Adient share for every 10 Johnson Controls shares they held as of Oct. 19.
