Xi’an Aircraft acquires Austrian supplier FACC
By Steve Toloken
PLASTICS NEWS
XI'AN, CHINA(October 19, 2009) -- A major Chinese aircraft manufacturer has purchased Austrian composites maker FACC AG, part of the Chinese firm’s plans to expand in international aviation
markets.
Xi’an Aircraft Industry (Group) Co. Ltd. will acquire a 91.25 percent stake in FACC, pending regulatory approvals, the Reid im Innkreis, Austria-based aerospace components supplier said in an Oct.
3 statement.
Chinese business magazine Caijing, quoting unnamed sources at XAC, said the purchase price was about 100 million euros (1.0 billion yuan). XAC wants FACC technologies to get a better chance of
partnering with global aviation companies, Caijing said.
The statement from FACC said after the acquisition is completed, likely in the fourth quarter of 2009, the companies will carry out a share capital increase that will raise shareholders’ equity
from 40 million euros (406.6 million yuan) to at least 80 million euros (813.3 million yuan), to continue business development at FACC.
The FACC statement said the companies are “committed to maintaining operations in Austria.”
The remainder of FACC will be held by Austrian holding company ACC Kooperationen und Beteiligungen GmbH (5 percent) and Stephan Ges.m.b.h. (3.75 percent).
FACC said it had sales of about 272 million euros (2.7 billion yuan) last year and employs about 1,600.
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