Jun 30 2010

Faurecia acquires 18.75% of Chinese Xujang Group

Tag: information, management, marketing, occupation, plans — admin @ 1:05 pm

Faurecia announced Wednesday the acquisition of 18.75% of the Chinese automotive Xujang Group, where he became the strategic shareholder.

The Chinese automotive market, already become world number one, is expected to double in size in the coming years.

The French supplier said in a statement it will rise in the capital Xujang Group through a capital increase reserved.

It also said it had signed an agreement with the Chinese in light of expanding its range of products and services in the seats, interior systems and modules and acoustic liners.

Xujang Group is a leading provider of group FAW (First Auto Works), the first Chinese carmaker, and its international subsidiaries including FAW-VW (Volkswagen and Audi).

Faurecia employs 4,000 people in China where it has 17 factories – with a goal of thirty in 2014 – and four search and development centers.

The group targets a turnover of 1.7 billion euros in China in 2014 against 670 million in 2009, all of Asia before then represent 15% of its total sales instead of 7% per year past.

In total, Faurecia expects a turnover of 16.5 billion euros in 2014, a jump of nearly 80% compared to 2009, driven notably by the growth of emerging countries and accompanied by a significant recovery in operating margin.