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

Jarden hiring for new plastics plant

December 19, 2014 1:45 pm ET

Consumer products conglomerate Jarden Corp. is hiring plastics technicians for a new operation in Erlanger, Ky.    More

Image

The return of HPM's big presses

December 19, 2014 11:47 am ET

HPM is back in big injection molding machines.    More

Image

Sabic: Rapid demand growth led to Ultem shortage

December 18, 2014 12:06 pm ET

Sabic Innovative Plastics has been increasing production capacity for its Ultem polyetherimide but it still got caught short by increasing demand for ...    More

Auto supplier M-Tek relocating headquarters

December 18, 2014 3:37 pm ET

M-Tek Inc., a subsidiary of Japanese automotive supplier Kasai Kogyo Co. Ltd., will build a new North American corporate headquarters in Murfreesboro,...    More

Image

Indian auto parts maker set to buy assets in Germany, Mexico

December 18, 2014 10:35 am ET

Indian auto parts maker Samvardhana Motherson Gropup is buying the assets of insolvent German plastics car parts producer Scherer & Trier (S&T).    More

Market Reports

Flexible Packaging Trends in North America

Our latest RESEARCH report examines trends in FLEXIBLE PACKAGING impacting the North American market including a review of economic conditions, key drivers of growth, materials pricing, M&A activity, sustainability challenges and the outlook for 2015.

Learn more

Plastics in Brazil - State of the Industry Report

This in-depth report examines the Brazilian plastics industry from a historical and geographical context. Our analysts provide insight on economic trends and forecasts, growing manufacturing sectors that utilize plastics, private investment opportunities, market environment challenges, and innovations in R&D.

Data tables and charts on producer prices, trade, plastics production and end market indicators is also included.

Learn more

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

October 27, 2015 - October 29, 2015Plastics Financial Summit - New York - 2015

More Events