Johnson Controls spin-off to be based in London

Former JCI CEO Barth to be lead director

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Adient Ltd., the spin-off of Johnson Controls’ automotive seating business, will be headquartered in London and will be organized under the laws of the England and Wales, according to a filing with the Securities and Exchange Commission.

Johnson Controls Inc. headquarters
The Johnson Controls Inc. headquarters in Glendale.

The new company will have corporate offices in Milwaukee, Plymouth, Mich., Burscheid, Germany and Shanghai, China.

Johnson Controls chief executive officer Alex Molinaroli said last week the new company would be foreign based and have a tax rate of between 10 and 12 percent. He did not say where it would be located. JCI is establishing its headquarters in Ireland as part of its merger with Tyco International.

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Wednesday’s filing also details other aspects of Adient’s business and how the spin-off will work.

Johnson Controls shareholders will receive one Adient share for every 10 JCI shares they hold. The spinoff will take place after the merger with Tyco, so shareholders of both companies will have a stake in Adient.

The filing also details a majority of the future Adient board of directors, naming six of the expected eight members. It will include three current Johnson Controls directors in Julie Bushman, Raymond Conner and Richard Goodman. In addition, Johnson Controls executive Bruce McDonald will be chairman along with serving as chief executive officer of the new company.

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Former Johnson Controls CEO John Barth will be lead director for Adient. Former General Motors CEO and current chairman and CEO of SunCoke Frederick Henderson will also be a board member.

The new company is expected to have roughly $20 billion in consolidated revenue. It will have 230 locations in 33 countries and approximately 75,000 employees.

McDonald said the filing, which is expected to be amended several times before the spin-off is complete, is an important step in the creation of the new company.

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“As an independent public company, we will have the flexibility to invest in our core business and rapidly capitalize on emerging automotive trends,” he said.

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