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5. Faurecia (China) Business Report FY ended Dec. 2016

Faurecia (China) Business Report FY ended Dec. 2016

Business Overview

-Faurecia announced that its global sales in 2016 reached EUR 18.71 billion, a 0.3% decrease on a year-over-year (y/y) basis. The Group's China sales totaled EUR 1,951.6 million, an 4.1% decrease y/y. Sales to Chinese OEMs rose 48% y/y, and made up 13% of the company's overall China business. (From Faurecia's 2016 annual report)

-Faurecia announced that its global sales in the first half of 2016 reached USD 10.71 billion, a 0.5% increase on a year-over-year (y/y) basis. The Group's China sales totaled EUR 843 million (approximately USD 947 million), an 11.5% decrease y/y. Sales to Chinese OEMs rose 31% y/y, and made up 12% of the company's overall China business. (From news releases issued by multiple sources on August 25, 2016)

Recent Development

-Faurecia announced that Faurecia Emissions Control Technologies has reoriented its strategy and becomes Faurecia Clean Mobility to align with the industry megatrends and boost its long term growth.(From a press release on January 23, 2017)

New Company

-Faurecia announced that it will establish a joint venture in China to manufacture automotive seats. The new company will be called Borgward Faurecia Auto Systems Co., Ltd. Faurecia holds 51 % of the joint-venture, Borgward Group AG 46% and Borgward Automotive (China) Co., Ltd. 3%. A new plant with some 800 employees located in Tianjin, China. The joint venture is expected to reach a total production volume of 400,000 car sets by 2020. From January 2017, the joint venture will develop and manufacture seats for the new Borgward BX5 SUV and other models assembled in China, and later on intends to supply seats to Borgward for its vehicles to be assembled in Europe. (From a press release on November 30, 2016)

-On October 28, 2016, Faurecia (China) Holding Co., Ltd. and Shandong Yinlun Heat Exchange System Co., Ltd., which is a subsidiary of Zhejiang Yinlun Machinery Co., Ltd., signed an agreement to establish a joint venture to produce and sell automotive exhaust control systems. The new company will be called Faurecia Yinlun Exhaust Control Technology (Weifang) Co., Ltd. and CNY 100 million will be invested in the new business. The joint venture will be capitalized at CNY 70 million, of which 52% (CNY 36.4 million) will be provided by Faurecia (China) and 48% (CNY 33.6 million) will be provided by Shandong Yinlun. (From an announcement by the company on November 1, 2016)

-In March 2016, Faurecia Exhaust System (Shanghai) Co., Ltd. was established. It mainly designed, developed and produced exhaust system parts.

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