Adient plc (ADNT): restructuring charge — Adient plc plans $125M restructuring charge in Europe, expects $60M annual cost savings

Adient plc

Restructuring charge of approximately $125 million in Q2 FY2024, almost entirely termination benefits in Europe.
Actions primarily in fiscal years 2025 and 2026, expected to be substantially complete by fiscal year 2027.
Anticipates approximately $60 million in reduced annual operating costs, with about 80% net savings.
Driven by structural changes in European auto market; includes workforce reductions and work transfer to lower-cost countries.

item 2.05

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Adient plc announced a restructuring with charges of approximately $125 million affecting Europe.

Type: restructuring
Charge: approximately $125 million
Affected area: Europe

Exact text from the filing

works councils to complete statutory co-determination procedures will occur over the coming months. 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

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Source: SEC EDGAR

accession 0001670541-24-000065

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