Major players in the automotive seats market are Adient plc, Lear Corporation, Faurecia, Toyota Boshoku Corporation, Magna International Inc, Aisin Seiki.
Adient announces strategic transformation in China
- Company enters into agreement with joint venture partner Yanfeng to end its YFAS joint venture
- Transactions provide Adient opportunity to independently drive its strategy in China
- After-tax proceeds of ~$1.4B, combined with existing cash on the balance sheet, are expected to drive significant debt paydown throughout 2021
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PLYMOUTH, Mich., March 12, 2021 /PRNewswire/ Adient (NYSE: ADNT), a global leader in automotive seating, today announced that as part of its strategic transformation in China, it has entered into definitive agreements with joint venture partner Yanfeng Automotive Trim Systems Ltd. (YF) to end its Yanfeng Adient Seating Co., Ltd. (YFAS) joint venture in China.