Adient, a U.S. company domiciled in Ireland, is a leading provider of just-in-time seating in China.
The company operates through its wholly owned entities and 6 joint ventures (consolidated and unconsolidated) with 36 manufacturing locations in 22 cities, which are supported by additional technical centers.
In the context, the government has pursued limited efforts to boost domestic consumption and confidence in China’s private sector.
The government announced in July 2023 consumer financing for the purchase of electric vehicles and consumer electronics, sectors facing overcapacity.
Simultaneously, China’s economic planning agency announced opportunities for private companies to invest in transportation, clean energy, infrastructure, advanced manufacturing and agricultural projects.
Adient’s strong position with European and American automakers is complemented by partnerships with major automotive groups in China, which has resulted in Adient’s broad market penetration relative to seating competitors and leadership in the industry’s largest market.
Adient leverages its operational expertise and innovation capabilities developed around the world to further support its growth in China.
Seating in China
The company completed in fiscal 2023, concluded last September 30, the transfer of all of its issued and outstanding equity interests in two joint ventures in China owned directly by Adient, each representing 25% of its total issued and outstanding equity interests, to Yanfeng Automotive Trim Systems Company Ltd. for $3 million.
Adient entered into a ¥240 million ($35 million) foreign exchange forward contract during the second quarter of fiscal 2023 to selectively hedge portions of its net investment in China.
The company is a global leader in the automotive seating supply industry with leading market positions in the Americas, Europe and China and has long-standing relationships with the largest global automotive OEMs.
Adient’s patented technologies extend to virtually all areas of automotive seating solutions, including complete seating systems, frames, mechanisms, foam, headrests, armrests and decorative covers.
Adient is a global seating supplier with the capability to design, develop, engineer, manufacture and deliver complete seating systems and components in all major automotive producing regions of the world.