France-based automotive supplier Faurecia SA and Italy's Magneti Marelli have started production at a joint-venture plant in Brazil delivering interior and exterior parts for vehicles assembled at the new Fiat Chrysler Automobiles BV plant in Goiana, Brazil.
The joint venture, called FMM Pernambuco Componentes Automotivos Limitada, is majority-owned by Magneti Marelli with a 65 percent share while Faurecia holds 35 percent. The companies state that the joint-venture targets annual sales of above the 200 million euro ($226 million) mark.
The joint venture will produce vehicle interior parts such as the instrument panel, cockpit, center console and door panels, as well as exterior parts such as bumpers and spoilers.
“This agreement is an instrumental step in the long-term development of our activities with Fiat Chrysler Automobiles. We are proud to be associated with the production of the new Jeep Renegade, to which Faurecia is applying its full expertise in vehicle interior and exterior, based on our renowned engineering, manufacturing and quality excellence system,” said Yann Delabrière, chairman and CEO of Faurecia.
Faurecia has been present in Brazil since 1997 and currently employs 3,400 people at 15 plants and three R&D centers generating sales of 680 million euros ($769 million) working for all major car manufacturers in the country.
In Brazil, Magneti Marelli has about 9,000 employees with 16 production units and five R&D centers, with sales of around 820 million euros ($927.4 million).