Plymouth, Michigan – Aident, the automotive interiors and seat company, has extended its aircraft seating JV with partner Yanfeng to 2038.
On the same day as that announcement, Adient said it had closed the sale of the 30% it owned of Yanfeng Global Automotive Interior systems to its partner Yanfeng. Adient received $309m and an additional $20m for seating technology from Yanfeng. The Chinese company will pay up to 30% of its distributable earnings to Adient until the balance of $60m of the purchase price due on the JV stake is paid off.
Adient employs about 80,000 people, in 220 manufacturing and assembly plants in 34 countries. The company claims its seats and components go into 23m vehicles each year.