Plastic Omnium SA has reported a 20.7 percent year-on-year growth in revenue at 5.9 billion euros ($6.85 billion) for the first nine months of 2017, thanks to its automotive division.
Despite a currency headwind of 24.3 million euros ($28.2 million), the French automotive supplier attributed the sharp increase to its automotive division, which it said outperformed market growth and the growth of the exteriors systems business it acquired in July 2016 from Faurecia SA.
In the nine months to end of September, automotive revenue for the company stood at 5.65 billion euros ($6.5 billion), up 22.6 percent, and up 11.8 percent at constant scope and exchange rates.
Plastic Omnium said the unit outperformed by 9.1 points vs. the overall global automotive production growth of 2.7 percent for October, according to consulting group IHS.
“This shows the solidity of the order book, with the confirmation of gains in market shares, the ramp-up of new capacities [in Mexico and the United Kingdom], and the success of the portfolio of innovative products,” the French supplier added.
Additionally, the group said it continued its investments in the third quarter in line with its 2.5 billion euro ($2.9 billion) major investment program for 2017-2021.
The expansion plan includes four new plants — two in the U.S., one in China and one in India — which are set to be launched in 2018. The U.S. facilities include the Greer, S.C., exterior body parts plant, which is pilot plant for the deployment of Industry 4.0 of the future within the company. Its other U.S. plant is a fuel system plant in Smyrna, Tenn.
Additionally, the group aims to launch three plants in 2019 in India, Morocco and Slovakia.
An advanced research center focused on new energies — hybrid, hydrogen and fuel cell — is also set to open in Brussels in early 2019 and employ 200 engineers.
