French automotive giant Faurecia has changed status to a European company, as of Dec. 26.
With the change, Faurecia SA is now registered as Faurecia SE, to better reflect the company's “European dimension,” the company said in a Jan. 4 statement.
Faurecia generated sales of just under 17 billion euros ($19.5 billion) in 2017, 50 percent from Europe. The company employs more than 45,000 people in the region, 13,000 of them in France. Faurecia runs 110 production centers and 13 research and development centers in Europe.
Despite the status change, Faurecia will continue to be governed by French law and will maintain its listing on the Paris Stock Exchange.
The company headquarters will remain in Nanterre, France.