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.