Auto supplier Faurecia to sell stock on U.S. exchange

Dustin Walsh

Published: December 5, 2012 6:00 am ET

Related to this story

Topics Automotive, Injection Molding

AUBURN HILLS, MICH. (Dec. 5, 9:15 a.m. ET) — French supplier Faurecia SA this week announced it would sell stock on the U.S. over-the-counter market as it continues meteoric growth in the North American auto market.

Faurecia, which operates as Faurecia North America Inc. in Auburn Hills, appointed Citi Bank as the depository bank for its American Depository Receipt program — which allows foreign entities to sell stock on a U.S. exchange.

The ADR stock will be sold under the ticker FURCY for the same market price as Faurecia’s stock is sold on the NYSE Euronext Paris exchange — which was trading at $15.67 in Thursday afternoon trading.

However, the ADR stock will be worth one-half of a regular share, Eric-Alain Michelis, VP Investor Relations, Faurecia, said in an email.

The move marks Faurecia’s strong growth in North America. The supplier of seating, emissions controls, interior systems and exteriors is projecting $7 billion in revenue by 2016. That’s more than 45 percent growth from revenue of $4.8 billion in 2011 and up 349 percent since 2009 when it generated $1.56 billion in revenue.

North America now accounts for 25 percent of the French supplier’s sales.

Part of that growth comes from Faurecia’s $1.1 billion book of business acquisition from Ford Motor Co.’s Automotive Components Holdings LLC plant in Saline, Mich.

Faurecia leased a portion of the 1.6 million-square-foot former Visteon Corp. plant. The factory will supply cockpits, instrument and door panels and center consoles to 12 Ford programs including the F-150 pickup, Expedition, Explorer, Focus, Mustang, Taurus and Lincoln Navigator and MKS.

The deal also resulted in a joint venture — Detroit Manufacturing Systems LLC — between Faurecia and the Wayne-based Rush Group, owned by Andra Rush.


Comments

Auto supplier Faurecia to sell stock on U.S. exchange

Dustin Walsh

Published: December 5, 2012 6:00 am ET

Post Your Comments


Back to story


More stories

Image

Cambro investing $30.4 million in new N.C. injection molding plant

April 18, 2014 2:36 pm ET

Foodservice products manufacturer Cambro Manufacturing Co. Inc. plans to set up a satellite production and distribution operation in Mebane, N.C., to ...    More

Image

Increased orders prompt Georg Utz to add capacity, equipment in Indiana

April 18, 2014 12:20 pm ET

Plastic totes and tray orders have picked up to the point where manufacturer Georg Utz Inc. has added machines, silos and material feed systems to...    More

Image

Ascend targets nylon for auto applications, opening propylene monomer unit in Texas

April 18, 2014 10:57 am ET

Materials firm Ascend Performance Materials Inc. is in full operation at its new nylon 6/6 compounding line in Florida and will break ground by the...    More

MGS buying N.Y. medical molding plant from Hospira

April 17, 2014 10:19 pm ET

MGS Manufacturing Group is purchasing the Buffalo, N.Y., injection molding facility and related product line of Hospira Inc., effective July 1. Terms ...    More

Image

German auto supplier Dr. Schneider opens second US plant

April 17, 2014 12:57 pm ET

Dr. Schneider Kunststoffwerke GmbH, a German supplier of plastic interior auto parts, has opened a $29 million manufacturing plant in Russell Springs,...    More

Market Reports

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report provides analysis and discussions of economic and political conditions, market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as strategies being implemented by thermoformed packaging companies. In addition, there are reviews of 25 leading thermoformers in the packaging segment, assessing their growth initiatives and performance metrics over 10 years.

Learn more

Automotive Market Review and Outlook 2014 The Americas

This 75-page report features in-depth analysis of the automotive industry for the Americas. It includes discussions of market trends, legislative/regulatory activity impacting production and threats as well as design strategies being implemented by the major automakers. Detailed charts and data tables outline North American automotive production over the last five years.

Learn more

Plastics Building & Construction Market Review and Outlook 2014 with MS Excel chart data

This report provides in-depth analysis of the plastic building and construction market for North America, including discussions of trends, opportunities, threats and the latest developments in construction trends that impact plastics processors.

Learn more

Upcoming Plastics News Events

May 6, 2014 - May 8, 2014Plastics in Medical Devices 2014

May 12, 2014 - May 12, 2014Plastics News Brazil Pharma Summit

September 10, 2014 - September 12, 2014Plastics Caps & Closures 2014

February 3, 2015 - February 7, 2015Plastics News Executive Forum 2015

More Events