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

ZF, TRW combination creating a new player for autonomous autos

September 23, 2014 9:59 am ET

The era of autonomous vehicles is close at hand — and is already changing the auto industry in fundamental ways. The latest and biggest example?...    More

Image

Delphi buying connector maker Antaya

September 22, 2014 2:25 pm ET

Delphi Automotive plc will buy Antaya Technologies Corp., a Rhode Island company that supplies wire harnesses and other technologies that connect...    More

Image

Poland's Boryszew to work with Mitsui on lightweight auto parts

September 22, 2014 10:12 am ET

European plastics car parts maker Boryszew Group has signed a letter of intent to work with the Japanese investment and trading conglomerate Mitsui & ...    More

Image

New medical firm buys Clairson Plastics

September 19, 2014 4:33 pm ET

Custom injection molder Clairson Plastics is being sold to a new start-up that plans to dive into the medical market with a new dialyzer, a key...    More

Image

Plasan investing in capacity, jobs to supply auto market with carbon fiber

September 19, 2014 3:05 pm ET

Growth in the emerging automotive market for carbon-fiber composites has spurred a $29 million investment in a Walker, Mich., factory    More

Market Reports

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook – North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Upcoming Plastics News Events

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

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

More Events