Adjusted-EBIT is reported to have expanded to US$336 million (margin of 8.4%), and cash and cash equivalents reached US$669 million. Gross debt and net debt totalled U$3,399 million and US$2,730 million in the period, respectively. Unconsolidated seating revenue in the fiscal third quarter increased to US$2.2 billion.
As reported by ILM in April, the Group announced that its joint venture Adient Yanfeng Seating Mechanism plans to open a new 90,000 sq m seating plant in Changshu, China.
“Adient remains focused on executing its plan, which helped drive another quarter of earnings growth, margin expansion and cash generation. We are confident in our ability to deliver our goals in 2017 and beyond”, said R. Bruce McDonald, Chairman and CEO, Adient.
The U.S. based automotive parts supplier is to close its factory located in Lozorno, Slovakia, by the end of June 2018 following the end of a contract with Volkswagen. The closure, however, is not expect to impact other Adient operations in the country. Read more here.