Adient Drops Plan to Move Headquarters to Detroit
Automotive interiors supplier Adient plc has scrapped plans to relocate its operational headquarters to a historic building in downtown Detroit from its current location in suburban Plymouth.
Adient intended to invest almost $100 million to renovate Detroit’s 164,000 sq-ft Marquette Building in the city center. The company paid $17 million to acquire the building two years ago and has since spent $19 million for surface and deck parking, according to Crain’s Detroit Business.
Now the company says it can “no longer fund the project” sufficiently. Adient has struggled with profitability since it was spun off from Johnson Controls Inc. in 2016. The company lost $1.5 billion in 2016, earned a net $877 million in 2017 and swung to a loss of $168 million in its fiscal second quarter ended March 31.
Last week CEO Bruce McDonald retired, and former General Motors Co. CEO Fritz Henderson was named as his interim replacement.
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