On April 22, 2024, Adient Reveals Restructuring Plans In Europe To Reduce Costs, Primarily Through Workforce Reductions - Filing

Author: Benzinga Newsdesk | April 22, 2024 07:41am

The plans were initiated by Adient’s management as of March 31, 2024, and the affected employees were notified earlier today. Adient currently expects to record a restructuring charge of approximately $125 million in the second quarter of fiscal year 2024, almost entirely related to termination benefits in Europe. Adient currently estimates that this charge will result in future cash expenditures of a similar amount. When fully complete, Adient anticipates approximately $60 million in reduced annual operating cost from this activity, of which approximately 80% will result in net savings.

Posted In: ADNT