Adient to go ‘quiet’ before its report

Adient, the manufacturer of automotive seats that recently was spun off from Johnson Controls International, says it will enter a “quiet period” on Thursday ahead of its quarterly earnings announcement.

The company’s communications with investors will be limited to basic and historic information, Adient said Friday, and it will not comment on any previously issued earnings guidance or information for the current quarter or year.

Adient has said its global headquarters and 500 executive and leadership jobs will be based in Detroit, but that it will also lease space in the 833 East building on E. Michigan St. in downtown Milwaukee for staffers who don’t want to move to Michigan.

Michigan has traditionally been the headquarters of the automotive business, but Johnson Controls’ corporate office has been on N. Green Bay Ave. in Glendale.

Adient says its presence in Detroit is expected to generate $17.2 million in income and property tax revenue for that city over the next 12 years. For selecting Michigan as the site of its global headquarters, the company will receive about $2 million from the Michigan Business Development Program for new job creation.

Adient said it looked at 40 potential sites within and outside Michigan for its headquarters.

“Adient’s decision to locate its global headquarters in Detroit is both strategic and symbolic,” Steve Arwood, CEO of the Michigan Economic Development Corp., said in a statement.