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

Milacron opening Mexico technical center, considers another in Brazil

December 16, 2014 12:58 pm ET

Milacron LLC plans to officially open a new technical center in Querétaro, 140 miles northwest of Mexico City, early in 2015, and the company is...    More

Image

Fiat Chrysler drops Chrysler Group name in favor of FCA US

December 16, 2014 9:05 am ET

Chrysler is Chrysler no more. Fiat Chrysler Automobiles, the Netherlands-based parent company of what was Chrysler Group LLC, said today that it has...    More

Image

Plastikos, Micro Mold working with local high school

December 15, 2014 6:00 am ET

The companies donated a 60-ton Demag injection press to the school, and Micro Mold’s general manager has worked with the high school's tool...    More

Izo-Blok opens Polish car part plant

December 15, 2014 9:16 am ET

Poland's plastic car parts maker Izo-Blok has launched its new production facility in Chorzów, in Poland's southern region of Silesia.    More

Image

New leader gives molder a spark

December 12, 2014 11:40 am ET

A dynamic 32-year-old woman is energizing a Woodstock, Ill., injection molding business that her grandfather, now 80, founded as a tool shop.    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 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

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 billion plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

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