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Adient Files SEC Form 10 for Planned Spin-off from Johnson Controls

MILWAUKEE, April 27, 2016 /PRNewswire/ -- Johnson Controls JCI, -1.24% today announced that Adient filed its initial Form 10 Registration Statement ("Form 10") with the U.S. Securities and Exchange Commission ("SEC"). The filing of the Form 10 is a significant milestone in the separation of the automotive seating and interiors businesses from Johnson Controls and the creation of Adient. The separation will create two separate, publicly traded companies, each of which will be able to focus exclusively on its own businesses and distinct needs, enhancing the long-term performance of each company.

"Today's filing signifies an important step in the spin-off of the Johnson Controls automotive seating and interiors businesses into the new, independent Adient," said incoming Adient Chairman and Chief Executive Officer R. Bruce McDonald. "Adient will be the world's largest automotive seating supplier. As an independent public company, we will have the flexibility to invest in our core business and rapidly capitalize on emerging automotive trends. With a strong focus on innovation and operational excellence on a global scale, and driven by a strong management team, we will be positioned to provide unparalleled service to our customers."

Adient will be the global leader in the $60 billion market for automotive seating, with more than 230 locations in 33 countries, approximately 75,000 employees and a leading position in China. With $20 billion in consolidated annual revenues, Adient will deliver 25 million seating systems used on more than 360 vehicle nameplates around the globe. Adient is organized under the laws of England and Wales and will have corporate offices in Milwaukee, Wisconsin; Plymouth, Michigan; Burscheid, Germany; and Shanghai, China.

Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. The company will continue to create quality products, services and solutions to optimize energy and operational efficiencies of buildings, lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles.

As previously announced, Johnson Controls intends to spin off its automotive seating and interiors business to the Johnson Controls shareholders. Subject to the approval of the Johnson Controls Board of Directors, on the distribution date, each Johnson Controls shareholder will receive one Adient ordinary share for every ten shares of Johnson Controls held at the close of business on the record date for the distribution. Johnson Controls shareholders will receive cash in lieu of any fractional Adient ordinary shares that they would have received after application of this ratio. The Form 10 includes important information about the spin-off and Adient, including Adient's business and results of operations and risks related to the spin-off.

Completion of the spin-off is subject to a number of conditions...