Adient and Yanfeng have also agreed to extend the term of their Yanfeng Adient Seating joint venture to 31 December 2038.
In addition, Adient has agreed to sell certain patents and other intellectual property exclusively used in its seating mechanisms business to Adient Yanfeng Seating Mechanism (AYM) for US$20m, which will license such intellectual property back to Adient.
Adient and AYM have also agreed to license to each other certain other intellectual property related to the seating mechanisms business.
Further, Adient and Yanfeng have agreed to amend the AYM joint venture agreement to update AYM’s business scope to allow it to carry out its seating mechanisms business both in and outside China for both Chinese and non-Chinese customers.
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