Nanterre, France -- French automotive supplier Faurecia has reported sales down by 19.3 percent to Euro 9292.2 million ($12 737 million) in 2009, compared to 2008, a 9 Feb company statement said
In Faurecia's automotive seating business, sales fell 19.9 percent to Euro 3707 million for the full year 2009, compared to the previous year. Sales fell 1.1 percent and 15.7 percent for the second half and fourth quarter of 2009 (Q4) respectively, compared to the same periods the previous year.
The company's Interior Systems unit recorded 2009 full-year sales of Euro 2142.6 million, a drop of 21.6 percent compared to 2008. Second half and Q4 2009 sales were down 3.8 percent and 10.4 percent respectively, Faurecia said.
In terms of overall regional product sales for Faurecia, South American sales were up by 71.5 percent in the last quarter and by 19 percent for the second half of 2009, whilst sales in Asia improved 43 percent and 56.6 percent in the second half and fourth quarter of 2009 respectively. North America recorded a 18-percent drop in sales in the second half of 2009.
Faurecia completed its acquisition of Emcon Technologies, an emission control specialist, in February 2009 and has just announced that it has signed an agreement to acquire Plastal Germany, a Tier 1 suppler of plastic exterior components for the automotive industry.
Faurecia said the Plastal deal would cost between Euro 22 million and 33 million, depending on adjustment mechanisms to be decided when the transaction closes. The deal is set to be completed in April 2010. Plastal Germany reported sales of Euro 408 million in 2009.
"This acquisition is accretive on the operational margin as early as 2010. It takes place at a very reasonable cost and with no significant increase of Faurecia's debt," Faurecia ceo Yann Delabriere said in a recent statement.
The company's shareholders' meeting also ratified the co-opting of Phillipe Varin and Frédéric Saint-Geours, respectively chairman and cfo of Peugeot SA, as directors of Faurecia. The company has also appointed Lee Gardener, former Emcon ceo and now partner of One Equity Partners, and Eric Bourdais de Charbonniére, chairman of Michelin's Supervisory Board, as directors.
Faurecia's shareholder split is now:
Peugeot SA: 57.4 percent
One Equity Partners: 17.3 percent
Public float: 24.9 percent
Employee fund & treasury: 0.4 percent
Against the backdrop of a continuing recent upturn in global automotive production and new scope provided by its acquisitions, Faurecia expects product sales to grow by around 4 percent in 2010, on a like-for-like basis, with the first half of the year experiencing more sustained growth. (RD)
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