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Faurecia posted a 21-percent surge in operating profit in the first half of 2014 to EUR311 million ($418 million) despite only a 0.7-percent rise in revenues to EUR9.33 billion. In effect the French supplier hiked its full-year profit forecast for 2014, expecting strong demand in Asia and higher market share in Europe.
It also expects its full-year operating margin to increase by 30 basis points to 60 basis points, a hike from initial target of 20 basis points to 50 basis points.
The supplier logged a 3.3-percent sales margin in the first half of 2014. Faurecia is currently pushing an expansion in Asia and North America to cut its dependence on Europe, where auto demand is still recovering, albeit gradually.Read the entire article Faurecia saw first-half operating profit grow 21% to 311 million euros
The European Commission has raided parts makers Faurecia, Tenneco Inc. and a number of several auto exhaust systems manufacturers as part of its efforts to go after those involved in suspected price-fixing in the global auto industry. The Commission said the companies raided may have taken part in a cartel and abused their dominant positions.
The raids, however, do not mean that the companies are guilty of anti-competitive behavior, the Commission said in a statement. While the European Union anti-trust agency named neither the companies nor the countries where the raids took place, Faurecia confirmed them, saying that it is cooperating fully with the authorities. French supplier Faurecia remarked that its "strict code of ethics" forbids price-fixing or any other breaches of antitrust law.
Chicago-based Tenneco disclosed that regulators in Europe and the United States asked for information "as part of an ongoing global antitrust investigation concerning multiple automotive suppliers." Tenneco said that Commission officials were at Tenneco GmbH’s Edenkoben office in Germany to collect information for the antitrust investigation. "Tenneco has also received a related subpoena from the U.S. Department of Justice," the US supplier said in a statement. It said that it is fully cooperating with the authorities.Read the entire article European Commission raids Faurecia, Tenneco & other exhaust suppliers
Faurecia posted a 34-percent surge in operating profit in the second half of 2013 to EUR282 million ($384 million) from EUR211 million in the same period in 2012, thanks to its gains in Asia and a recovery in Europe. The supplier also logged a 2-percent rise in revenues to EUR8.76 billion. Faurecia has been expanding in Asia and North America to cut its dependence on Europe.
In November, Faurecia said its operating profit would account for 4.5 percent to 5 percent of sales by 2016, depending on European production levels. For full-year 2013, Faurecia’s margin was 3 percent, with growth being targeted this year. With cash flow beating its own forecasts and debt shrinking, Faurecia has "significantly strengthened its financial position," chief executive Yann Delabriere said in the statement.
"The main positive surprise comes on the cash front, with net debt reduction higher than what consensus had forecast," said Thomas Besson, an analyst at Kepler Cheuvreux.Read the entire article Faurecia hikes 2nd-half operating profit 34% to EUR282 mil
PSA/Peugeot Citroen may sell its Faurecia components division to accommodate a partnership with Chinese carmaker Dongfeng Motor Group, several sources privy with the matter told Reuters. Faurecia has already tapped an adviser to explore the sale of Peugeot's 57-percent stake either in the market, or to a private equity fund or industry peer, according to the sources, who said that talks are still at a very preliminary stage and is conditional on the success of complex negotiations on the French carmaker's deeper alliance with its Chinese partner.
PSA is currently holding talks over a EUR3 billion ($4 billion) capital increase, in which the French government and Dongfeng would each acquire 20-30 percent of the carmaker.
However, talks are progressing slower than hoped, people with knowledge of the situation said in October. Last week, they said that little progress has been made since then. "The talks look pretty much stuck in the mud," one of them remarked. While PSA is "very eager" to sell a significant stake to its Dongfeng, Chairman Xu Ping is not yet convinced, according to a source close to the Chinese carmaker.Read the entire article PSA may sell Faurecia as part of tie-up with Dongfeng
French vehicle interior specialist Faurecia is eyeing to expand into exteriors in North America. According to Mike Heneka, president of Faurecia North America, the supplier sees an opportunity in bumper fascias, hoods and front-end modules in North America. Heneka remarked during the 2013 CAR Management Briefing Seminars that a number of carmakers are asking Faurecia to expand into supplying exterior parts, adding they spent the past two weeks in meetings with OEMs over the matter.
Heneka, however, wants firm long-term commitments from customers before expanding into exteriors. He said that while Faurecia is No. 1 in exteriors in Europe, the supplier is last in North America. He said that carmakers would love for Faurecia to come in either in Mexico or the United States.
According to Heneka, producing bumper fascias inside an auto plant is very challenging since it ample space and clean, dust-free environments. Heneka noted that such production will require an investment of around $30 million just for one plant, adding that it would take more than a single model cycle to return the investment.Read the entire article Faurecia mulls expanding to exteriors in North America
Faurecia North America Inc. is now cleared by the Auburn Hills city council to construct a three-story, 278,000-square-foot North American headquarters in the Detroit suburb. The new building will house Faurecia’s administration and a technical center for its automotive seating and exteriors units.
Faurecia, a French-based auto supplier, expects the new headquarters in Auburn, Michigan to be completed in the first quarter of 2014. Faurecia disclosed its plans to construct its new headquarters in Auburn last week. Industry sources expect Faurecia to spend around $30 million to complete its Auburn base, the construction of which will commence this month.
The building will be leased from a local developer. The auto supplier’s new headquarters will ultimately be home to as many as 700 employees, some of whom will be new hires. The employees will come from the company’s Automotive Seating Technical Center, its Oakland Shared Services Center, and the Oakland Technical Center for Automotive Exteriors, according to a news release.Read the entire article Faurecia gets green light to build new North American HQ in Michigan
Faurecia North America Inc. has plans to construct a new North American headquarters and technical center north of Detroit in Auburn Hills, Mich. Stacy Fields, the asset manager of business development for General Development Co., said that Faurecia plans to put up a headquarters to accommodate its administration and a light assembly operation.
This three-story, 300,000-square-foot headquarters sits on 211 acres and will later hold about 700 employees, several of whom will be for newly created jobs. Faurecia is the French interiors and seating supplier controlled by Peugeot SA.
Meanwhile, General Development is the developer and general contractor for the building, which will be leased. According to industry sources, the new headquarters will be a $30 million development. Fields said that in 2010, General Development purchased the property from Chrysler Group LLC. Fields said that construction is slated to start within the next 30-60 days, and it's predicted to open in the first quarter of 2014.Read the entire article Faurecia plans to build new North American headquarters and technical center
French auto component manufacturer Faurecia is planning to reduce its workforce in Europe by 7.5 percent, equivalent to around 3,000 jobs, by the end of 2013 as it cuts back its exposure in the region. According to Frank Imbert, Faurecia Chief Financial Officer, the parts supplier plans to cut around 1,500 in 2013, the same number that was removed this year.
Faurecia expects its restructuring to result to around EUR100 million ($127 million) in charges this year and around EUR90 million in 2013. Faurecia chief executive Yann Delabriere told investors during a meeting Monday that the company’s objective with the restructuring is to stop its bleeding in Europe in 2013. Delabriere pointed out that Faurecia has lost significant cash flow in Europe, and it has to adapt.
The component maker in October updated its outlook for 2012 to indicate a decline in profit. Faurecia also forecasted a dive in European sales in the fourth quarter of 2012, particularly due to a "significant" slowdown in vehicle production. Faurecia is seeking to expand its operations beyond Europe, perhaps to lessen its exposure in the declining vehicle market in the region, which is headed to its fifth straight annual decline.Read the entire article Faurecia to drop 3,000 jobs from European workforce by the end of 2013
Faurecia SA has entered a deal to buy the interior parts business of Ford Motor Co. located at its Saline, Mich. plant for an amount that has yet to be disclosed, according to Ford’s announcement. Faurecia, which is based in Paris, will acquire the Saline site found near Ann Arbor, Mich. It supplies cockpit modules, instrument panels, door panels and center consoles to Ford plants.
It has reported annual sales of $1.1 billion. The deal was first reported last Wednesday by Crain's Detroit Business, an Automotive News affiliate. Ford's Automotive Components Holdings unit is the owner of this plant, which produces automotive interiors for vehicles like the Ford F-150.
Ford would be the third-biggest customer of Faurecia after Volkswagen AG and PSA Peugeot Citroen, its majority shareholder. Ford’s ACH unit will still be the owner of the Saline unit, which Faurecia will lease. Faurecia said that it will make a Detroit-based joint venture with Rush Group Ltd. The statement said that Faurecia would have a 45% stake in the company, which will make injection molding and assemble interior trim parts.Read the entire article Faurecia enters deal to buy Ford’s interior parts business
The North American arm of French supplier Faurecia, Faurecia North America, struck a deal and was able to close its union negotiations in Saline, Mich., near Ann Arbor, according to a source. As a result, Faurecia has now become the minority stakeholder in Rush Group's joint venture, Detroit Manufacturing Systems LLC.
Faurecia has been in talks to buy the former Ford/Visteon plant in Saline from Automotive Components Holdings since the month of August. However, it is not yet clear what parts would be made by the joint venture. The Saline plant is one of the largest interiors parts plants in the area.
Detroit Manufacturing Systems produces door panels, instrument panels, center consoles and other interior trim for several Ford's major vehicles, such as the Focus and Taurus. UAW Local 892 President Mark Caruso recently told Patch.com that Faurecia will use a quarter of the 1.6 million-square-foot plant and will move 600 of the facility’s 2,300 workers to Detroit Manufacturing's plant located in the Gateway Industrial Center in Detroit, as part of the joint venture.Read the entire article Faurecia takes a minority stake in Detroit Manufacturing Systems
For this year in Michigan, Faurecia S.A.’s U.S. subsidiary is on pace to hire 800 workers for its various divisions, including engineering, human resources and purchasing. In this state, Faurecia North America has almost doubled its employee base. It currently has about 2,000 employees. To match this growth, the company is planning a 20,000-square-foot expansion of its headquarters in the Detroit suburb of Auburn Hills. Faurecia, which has its headquarters in France, supplies interiors, exteriors, seating and emissions to automakers.
Last July, Faurecia North America transferred 100 employees from its exteriors unit into a new nearby technical center, which is also located in Auburn Hills, according to Autonews.
Mike Heneka, president of Faurecia North America, said that the company has “outgrown” its building. Faurecia North America has invested $19.2 million to accommodate and make manufacture interiors from a new facility in Fraser, as well as for future expansions, which were helped by tax credits from the Michigan Economic Growth Authority.Read the entire article Faurecia to hire 800 workers in Michigan
Faurecia, a French auto parts manufacturer, recorded a 24 percent sales increase in the first three months of the year -- made possible with the help of the expansion in Asia and improvement in North America.
The company also disclosed that its sales increased to 3.96 billion euros ($5.6 billion), which is a 15 percent increase at constant exchange rates excluding contributions from the purchases of Plastal Germany, Plastal Spain and Angell-Demmel.
Being a manufacturer of emissions control systems and car seats, the company has been unaffected by the supply chain disruptions that some car makers, as well as components suppliers, have suffered due to the March 11 earthquake that hit Japan, the company’s chief financial officer, Frank Imbert, stated during a conference call.Read the entire article Faurecia posted a 24 percent rise in first-quarter sales
French car parts maker Faurecia recently said that 2010 total sales rose 48 percent to EUR13.79 billion ($18.65 billion), adding that it beat its full-year sales, operating profit and net cash flow targets on strong product sales growth outside Europe. Faurecia has also set out new goals for 2011. Net income reached EUR202 million against a loss of EUR434 million in 2009.
It also posted a net loss in 2007 and 2008. Net cash flow for 2010 reached EUR222 million. Faurecia said it was targeting total sales in 2011 between EUR14.8 billion and EUR15.3 billion.
To reach sales growth at the lower end of that range would represent around 7 percent year-on-year sales growth. Faurecia forecasts 2011 operating income between EUR580 million and EUR640 million and net cash flow above EUR200 million.Read the entire article Faurecia sales rose 48 percent to €13.79 billion in 2010
After a two-year slowdown, Continental AG and Faurecia SA are expected to drive mergers and acquisitions in Europe’s auto-components industry. During the slowdown, private equity companies had gone around looking for deals. PRTM, a consulting firm based in Waltham, Massachusetts, said that transactions involving European auto-parts manufacturers as targets could total up to 85 this year, standing for a 13% increase from 2009.
In the first eight months of the year, 50 deals were racked up. The total value could fall short of the $9.2 billion posted last year, when Schaeffler Group paid $6.5 billion for a stake in Continental, the world’s second-largest auto-parts maker.
In an interview, Juergen Geissinger, CEO of Schaeffler, said that M&A markets are finally opening up again after the crisis. He explained that there is new activity as companies are not as wary about where to invest their capital.Read the entire article Continental and Faurecia may drive mergers in Europe’s auto-parts sector
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