Adient (NYSE:ADNT) shares began Monday substantially higher. The company, a global leader in automotive seating, recently completed the acquisition of a 49% equity stake in SCI (Zhangjiakou) Co., Ltd., a local Chinese supplier under Zhejiang Yoening Technology Group, officially establishing a new strategic joint venture.
This joint venture, according to this morning’s news release, “will be dedicated to developing and manufacturing innovative and exceptional automotive seating solutions for the rapidly evolving China market, with a particular focus on serving key Chinese OEMs.”
The collaboration represents another strategic move for Adient in strengthening its presence in China. Through win-win collaboration, the partnership aims to drive business growth, expand market share, and enhance local footprint to deliver agile service to customers.
The new joint venture will combine Adient's global technology expertise with SCI's local insights to accelerate the development and mass production of innovative seating products. Together, the companies will provide industry-leading automotive seating solutions that cater to both local and global trends for OEMs.
This joint venture marks an important milestone in Adient's continued investment and commitment to the China market. Looking ahead, we will continue to focus on creating value for OEMs and end-users, actively expand our world-class partnerships in China, and grow together with China's automotive industry.
ADNT shares grabbed 81 cents, or 4.4%, to $19.33.
