A major Chinese aircraft manufacturer has purchased Austrian aerospace composites maker FACC AG as part of the Chinese firm's plans to expand in international aviation markets.
Xi'an Aircraft Industry (Group) Co. Ltd. finalized its acquisition Dec. 3 of a 91.25 percent stake in FACC.
Chinese business magazine Caijing, quoting undisclosed sources at XAC, said the purchase price was about 100 million euros (about $144 million).
XAC wants FACC technologies to have a better chance of partnering with global aviation companies, Caijing said.
Ried im Innkreis, Austria-based FACC said the companies will carry out a share capital increase that will raise shareholders' equity from 40 million euros ($57.5 million) to at least 80 million euros ($115 million), to continue business development at FACC.
FACC 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 ($391.5 million) last year and employs about 1,600.
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