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5. Faurecia SE Business Report FY ended Dec. 2019

Faurecia SE Business Report FY ended Dec. 2019

Factors

1) Net Sales
-The Company’s sales for the fiscal year ended December 31, 2019, totaled EUR 17,768.3 million, an increase of 1.4% over the previous year. Sales of the Company’s Interiors and Clean Mobility Business Groups increased slightly, through losses in the Seating Business Group offset those gains. Positive currency translation effects combined with the increased scope from the acquisition of Clarion in 2019 resulted were the primary contributors to the Company’s growth.

2) Operating Income
-In the fiscal year ended December 31, 2019, the Company’s operating income increased by 0.7% compared to the previous year to EUR 1,283.3 million. While operating income increased for the Company’s Seating, Clean Mobility and newly created Clarion Electronics Business Groups, the losses in income from the Interiors Business Group mostly negated those gains.

3) Seating sales
-The Company’s Seating Business Group had sales of EUR 6,973.2 million in the fiscal year ended December 31, 2019, a decrease of 6.2% from the previous year. Despite a positive currency translation effect which increased sales by 0.7%, the impact of the end of production of multiple programs was the main driver in the Business Group’s loss, decreasing sales by 6.8%.

4) Interior sales
-Sales of the Interiors Business Group in the fiscal year ended December 31, 2019 totaled EUR 5,370.2 million, increasing by 0.1% over the previous year. The Business Group had increased sales with Renault-Nissan-Mitsubishi in Europe; FCA and Tesla in North America; and Hyundai, Vinfast and Chinese OEMs in Asia. However, its sales to other OEMs declined, resulting in a net organic loss of 0.9%. This was offset by a positive currency effect of 1.1%.

5) Clean Mobility sales
-The Clean Mobility Business Group grew 0.8% in the fiscal year ended December 31, 2019 with sales of EUR 4,653.5 million. While organic sales decreased by 0.8% during the fiscal year, its business expanded with Renault-Nissan-Mitsubishi, GM, Hyundai and Honda. Positive currency translation effects increased sales by 1.6%.

6) Clarion Electronic sales
-The Clarion Electronic Business Group had sales of EUR 771.4 million in the fiscal year ended December 31, 2019. The Business Group’s integrated acquisitions of Parrot Automotive for the full year and Clarion for part of the year led to its increased sales.

Acquisitions

Acquisition of Parrot Automotive (Notes are in chronological order)
-The Company and Parrot have finalized a proposal concerning the takeover of 100% of Parrot Automotive by the Company, ahead of schedule. This transaction would accelerate the development of infotainment solutions based on the Android OS by Parrot Automotive and the development of an open platform integrating the different connected systems and functionalities of the vehicle interior. This will also facilitate the introduction of innovative and differentiating user experiences such as for postural and thermal comfort, immersive sound experience and new HMI solutions. The transaction would be based on an enterprise value of EUR 100 million, identical to that used when the Company entered into the capital of Parrot Automotive in 2017. The transaction is expected to close during the third quarter of 2018. (From a press release on July 6, 2018)

-The Company completed the acquisition of 100% of Parrot Faurecia Automotive. The deal follows the announcement of an agreement between Parrot and the Company on July 5, 2018 regarding the proposal to acquire Parrot. (From a press release on October 1, 2018)

Acquisition of Clarion (Notes are in chronological order)
-On October 25, the Company finalized plans to purchase Clarion Co., Ltd., a subsidiary of Hitachi, Ltd. Hitachi agreed to sell its 63.8% stake in Clarion based on the Company’s tender offer, which corresponds to a total purchase price of JPY 141 billion. The Company will purchase Clarion to strengthen the development of autonomous driving and other next-generation technologies.  (From articles in the Nikkan Jidosha Shimbun on October 26 and October 27, 2018) (From a press release on October 26, 2018)

-Atsushi Kawabata, President and CEO of Clarion Co., Ltd. (Clarion), told the Nikkan Jidosha Shimbun that Clarion plans to realize substantial synergy effects from its collaboration with the Company, within three years. Clarion is facing difficulties due to market sluggishness and increased competitiveness for its car navigation system business, and is aiming to achieve positive growth through work with the Company, which has been successfully engaged in business with European automakers. Kawabata emphasized, “We want our customers to look forward to an improvement in our ability to make proposals as a result of this collaboration.” (From an article in the Nikkan Jidosha Shimbun on November 15, 2018)

-The Company announced that it will launch its tender offer for the acquisition of all shares of Clarion Co, Ltd, listed on the Tokyo Stock Exchange on January 30, 2019. With the acquisition of Clarion, the Company intends to create a new Business Group headquartered in Japan, named Faurecia Clarion Electronics, regrouping Clarion, Parrot Faurecia Automotive and Coagent Electronics. This Business Group would employ almost 9,200 people and more than 1,650 software engineers. The board of Clarion fully supports the tender offer and recommends its shareholders to tender their shares to the offer. Pursuant to the agreement signed on October 26, 2018, Hitachi committed to tender all of its shares, representing 63.8% of the share capital of Clarion, to the Company’s offer. The Company intends to implement a squeeze-out procedure to acquire all the remaining shares of Clarion, to the extent needed after the tender offer process. (From a press release on January 29, 2019)

-The Company announced the success of the tender offer launched for Clarion, on January 30, 2019. On April 1st, the Company will create a new Business Group headquartered in Japan, named Faurecia Clarion Electronics, comprised of Clarion, Parrot Faurecia Automotive and Coagent Electronics. This Business Group will employ almost 9,200 people with more than 1,650 software engineers, and will generate over EUR 2 billion of sales by 2022. (From a press release on March 1, 2019)

-The Company successfully issued EUR 500 million of senior notes due 2026 to complete financing of the Clarion acquisition. On March 1, the Company announced that 95.28% of Clarion shares were tendered during the offer period. The settlement took place on March 7 and the relevant squeeze-out procedure to acquire all the remaining shares of Clarion will be finalized by the end of March. The strategic acquisition of Clarion, complementary in terms of technology offer, geographic presence and customer portfolio with the Company’s current business, will allow the Company to become a leading player in cockpit electronics and systems integration. (From a press release on March 13, 2019)

Other acquisitions
-The Company signed a MoU to acquire the remaining 50% of its SAS joint venture from Continental. This project would expand the Company’s systems integration offer to cover all interior modules as well as its new product lines such as displays, electronics, sensors and thermal management. The addition of SAS core competences in systems integration and complexity management also strengthen the Company’s just-in-time plant network. Established in 1996, the JV is a key player in complex interior module assembly and logistics. Sales in 2019 are expected to reach EUR 700 million. The Company will acquire the 50% share of the JV for EUR 225 million. The transaction is expected to complete in early 2020. The joint venture will be consolidated into the Interiors Business Group. (From a press release on October 14, 2019)

-The Company announced an investment in GuardKnox, an Israeli automotive cybersecurity provider, to reinforce data security in the connected car and for new user experiences. Based in Israel, GuardKnox provides comprehensive hardware and software cyber defense for connected and autonomous vehicles. GuardKnox technology will enable the Company to propose complete end-to-end solutions integrated into the vehicle, securing the software, data and cloud connectivity. (From a press release on May 27, 2019)

-The Company has acquired a majority stake in the Swedish company Creo Dynamics, which provides innovative acoustics and Active Noise Control solutions. Creo Dynamics technologies are fully complementary to the audio competences of Faurecia Clarion Electronics which include smart headrests, active surfaces, tuning algorithms and digital sound enabling an immersive sound experience and personalized sound bubble. Creo Dynamics provides innovative solutions in acoustics, fluid dynamics and smart structures for various industries. Through its unique expertise in automotive acoustics and control algorithms, the company develops state-of-the-art active noise control for vehicle interiors. (From a press release on April 10, 2019)

Restructuring

-The Company announced the official launch of its fourth Business Group “Faurecia Clarion Electronics”, based in Saitama, Japan. This Business Group aims to become a global leader in cockpit electronics and low-speed ADAS. On October 26, 2018, the Company announced its intent to acquire Clarion. On March 28, 2019, Clarion became a wholly-owned subsidiary of the Company. The new Business Group, Faurecia Clarion Electronics, combines Clarion with the Company’s previous acquisitions of Parrot Automotive and Coagent Electronics. With 9,000 people including 1,650 engineers, this new Business Group will generate over EUR 2 billion of sales by 2022. (From a press release on April 1, 2019)

Joint Ventures

-Symbio, a joint venture between Michelin and the Company announced that it will break ground for its French factory on March 10, 2020. The factory will produce 200,000 StackPack fuel cell systems per year by 2030 and serve the global market for hydrogen mobility. It will be located in the Auvergne-Rhone-Alpes region. (From a press release on December 19, 2019)

-Michelin and the Company formalized the creation of Symbio, a joint venture combining their hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility. This joint venture is tasked with developing, producing and marketing hydrogen fuel cell systems for light vehicles, commercial vehicles and trucks. Michelin and the Company will initially invest EUR 140 million in the joint venture to accelerate the development of new-generation fuel cells, begin mass production and increase business in Europe, China and the U.S. Symbio aims to capture 25% market share and achieve a turnover of approximately EUR 1.5 billion by 2030. (From a press release on November 21, 2019)

-The Company and Aptoide announced the creation of a 50:50 joint venture to develop and operate Android app store solutions for the global automotive market. This joint venture offers OEMs an affordable and secured automotive apps market, available worldwide with adaptable content per region. Aptoide also offers an integrated secure payment mechanism supporting OEM strategies for service monetization, whilst securing the vehicle and occupants’ data privacy. Within the joint venture, Aptoide brings a unique ecosystem offering a wide range of android apps and distribution expertise. The Company brings a broad customer portfolio, systems integration capabilities in in-vehicle infotainment and cybersecurity expertise. (From a press release on November 5, 2019)

-Symbio aims to achieve an annual production of 20,000 StackPack fuel cell systems by 2025 and 200,000 StackPacks by 2030. It looks to fulfill these goals with support from parent company Michelin and a future joint venture with the Company. The StackPack comprises a hydrogen fuel cell and key components to prolong its lifetime and optimize both its compacity and integration in vehicles. Symbio is well-equipped to take on the hydrogen mobility market, thanks to a standardized product range, cost-effective set-up enabling production for several carmakers and proven expertise in hydrogen mobility development across Europe. Symbio will help car manufacturers reduce the development time and cost of their hydrogen vehicles across several market segments at the same time. (From a press release on September 10, 2019)

-Michelin and the Company announced the signing of a MoU to create a joint venture bringing together all of Michelin’s fuel cell related activities - including its subsidiary Symbio - with those of the Company. The two companies aim to create a world leader in hydrogen fuel cell systems through combining existing and complementary assets from both partners in the joint venture. The joint venture, Symbio, will be equally owned by both companies. Symbio will develop, produce and market hydrogen fuel cell systems for light vehicles, utility vehicles, trucks and other applications. Michelin’s contribution to this joint venture will be the activities of Symbio - a Group subsidiary since February 1, 2019 and a supplier of hydrogen fuel cell systems associated with a range of digital services - as well as research and development and production activities. The Company will contribute the technological fuel cell expertise it has developed through a strategic partnership with the CEA, its industrial know-how and its strategic relationships with car manufacturers. (From a press release on March 11, 2019)

Business Partnership

-Devialet and the Company announced a partnership to develop high-quality sound solutions for automakers. Devialet brings best-in-class technologies and industry-leading expertise across acoustic architecture, loudspeakers and signal processing, over 160 patents, and a premium consumer brand. The Company brings its overall electronic design, system integration capabilities and its sound domain controller technology. During CES 2020, the Company and Devialet will enable visitors to explore how the Company expertly integrates advanced Devialet audio processing into an on-the-road vehicle. The Company will also host a dedicated sound room, offering visitors an immersive experience of Devialet sound staging and reproduction expertise with its multi-award-winning Phantom speaker. (From a press release on December 4, 2019)

-The Company’s subsidiary, Faurecia (China) Holding Co., Ltd. and Allwinner Technology Co., Ltd. signed a strategic alliance agreement on November 8, 2019. The two companies will partner in intelligent cockpit development, making full use of each others’ strengths in supply, technology, products, production, markets, and networks. They will co-develop made-to-order chips for future Internet of Vehicles (IoV), virtual reality, and ADAS systems. (From some media reports on November 11, 2019)

-Microsoft and the Company announced a partnership to create disruptive, connected and personalized services inside the Cockpit of the Future. Combining expertise in edge-computing, artificial intelligence, cloud-based services, cockpit systems integration and consumer insights, -the Company will collaborate with Microsoft to develop digital services based on Microsoft Connected Vehicle Platform to reinvent the on-board experience for all occupants. The Company has also chosen Microsoft Cloud Azure as its preferred cloud platform. At CES 2020, both companies will showcase the first milestones of this collaboration. (From a press release on July 22, 2019)

Recent Developments

-J.D. Power released its 2019 U.S. Seat Quality and Satisfaction Study, showing the number of problems experienced per 100 vehicles. The study is based on responses during the first 90 days of ownership of more than 75,000 purchasers and lessees of new 2019 model-year cars and light trucks registered from November 2018 until February 2019. The results for each supplier are as follows (listed in order of equipped model, and number of seats with problems per 100 vehicles): (From a press release on August 22, 2019)

• Lear: Porsche 918 [0.0], Porsche 911 [2.5], Hyundai Santa Fe [3.0], Chevrolet Silverado [2.8].
• Magna International: Ford Edge [4.7], Jeep Grand Cherokee [4.7].
• Faurecia: VW Golf [3.2], Chevrolet Colorado [4.0].
• Adient: Chevrolet Malibu [3.9], Toyota Avalon [3.9].
• Tachi-S: Nissan Maxima [3.5], Mitsubishi Outlander Sport [1.4].
• Toyota Boshoku: Toyota 4 Runner [4.5].

-Faurecia Clarion Electronics, a business unit of the Company, will consolidate its in-vehicle infotainment (IVI) platforms. In becoming a subsidiary of the Company, the number of platform types has increased. While this made it possible to offer various IVI systems according to operating systems and regional characteristics, there are overlapping areas. The Company intends to reduce the number of platforms from 15 types to about half. It aims to improve development efficiency, reduce costs, and enhance its ability to make proposals to customers. Faurecia Clarion Electronics consists of Clarion, Parrot Faurecia Automotive, and Faurecia Coagent Electronics S&T Co., Ltd. The IVI platforms will be categorized under three groups: high-end, middle-end, and entry. Each group will have Linux and Android versions platforms. High-end IVI platforms will be primarily handled by Parrot Faurecia Automotive, middle-end by Clarion, and entry by Coagent Electronics. Coagent Electronics will also offer platforms for China, where regional environments are different. (From an article in the Nikkan Jidosha Shimbun on July 22, 2019)

Outlook

-The Company expects its sales to increase in the fiscal year ending December 13, 2020 due to an increase in scope from a full year of sales with Clarion and the former SAS joint venture. Its sales are expected to exceed worldwide automotive production by one to two percentage points. The Company’s outlook does not factor in the potential impact of the coronavirus on the automotive industry.

-By 2025, the Company expects to achieve content per vehicle levels of EUR 8,000 for passenger vehicles and EUR 40,000 for commercial vehicles. Additionally, by 2030, the Company’s content per vehicle will be over 20% for passenger vehicles and 30% for commercial vehicles.

-By 2022, the Company aims to have sales exceeding EUR 20.5 billion.

R&D Structure

-The Company has approximately 8,300 engineers working in research and development across 49 centers.

R&D Facilities

-The Company announced the opening of its technology platform in Tel Aviv, Israel, enabling it to accelerate its cybersecurity strategy. The Company will develop its cybersecurity expertise through collaboration with local startups and major innovation clusters giving access to emerging trends and new technologies. This will enable the Company to propose complete end-to-end solutions integrated into the vehicle, securing the software, data and cloud connectivity. In addition to securing its solutions, the Company has also been working to globally assess and protect its network of industrial sites and offices from cyber security risks. As of today, 60 dedicated cyber security experts are working to prevent, detect and control cyber security issues. The new technology platform will introduce new skills through penetration testing experts to analyze potential vulnerabilities across multiple coding languages and protocols. (From a press release on October 3, 2019)

-The Company is building a global center of expertise for hydrogen storage systems at its R&D center in Bavans, France. The Company aims to invest in research and development in new-generation high-pressure tanks that are more efficient and lighter, as well as in a test center to characterize these tanks. The center, scheduled to start operations in the second quarter of 2020, represents a total investment of approximatively EUR 25 million, including EUR 4.9 million in subsidies from the Bourgogne-Franche-Comte region. In the long term, the Company plans to create 50 highly qualified jobs at the Bavans site, which already has nearly 750 employees dedicated to the Clean Mobility Business Group. (From a press release on June 28, 2019)

-The Company will invest over USD 20 million for the construction of its new corporate building in Puebla, Mexico in the commercial area of Lomas de Angelopolis. The area will house two R&D centers, one for the interiors division and one for the seating division. (Mexico-Now article on June 10, 2019)

-On March 6, 2019, the Company’s China automotive seating R&D center and expansion to the Wuxi seating product manufacturing base were completed and started operations. The Company invested a total of CNY 95 million in the two new facilities with a total floor space of 13,000 square meters. The R&D center is equipped with the Company’s third collision impact experiment room in the world. The added facilities comprised an area of 6,000 square meters. The addition increases the number of seat production lines in Wuxi from two to seven. (From a press release on March 21, 2019)

R&D Activities

Pilot project for live emission tracking of commercial vehicle fleet
-The Company announced that following an innovation call from Singapore's National Environment Agency for demonstrations of real-time monitoring solutions for NOx and particulate matter emissions from diesel vehicles, the Company has been awarded a two-year pilot project involving live tracking of emissions from a fleet of commercial vehicles. The Company will equip a fleet of commercial vehicles with sensors to monitor NOx and fine particulates in real time using a unique sensing technology currently being developed. In addition to real-time emissions monitoring, the Company will also provide a digital city dashboard giving live information on the level of emissions from vehicles. The Company has also signed a research collaboration agreement with the Institute of High Performance Computing, to carry out advanced computational analysis of the data collected, with the objective to evaluate the potential of real emission based traffic management systems. (From a press release on January 22, 2019)

Technological Alliance

-The Company, Accenture and Affectiva announced that they are collaborating to innovate driver safety and in-car infotainment for occupants. The “Connected Car Lab” is a digital product and service innovation facility that fits into a car to allow the Company to ideate, test and develop applications and experiences for the future car cockpit. The Connected Car Lab, which was developed with help from Accenture Industry X.0, features a connected vehicle platform that gathers data about driver behavior and conditions inside the car cabin as well as outside the vehicle. It also leverages Affectiva’s Automotive AI to unobtrusively monitor emotional and cognitive states of the driver and other passengers from facial and vocal expressions. By using AI and other innovative technologies - including integrated smart sensors, wearables and in-car video cameras - the data is used to detect and assist the driver with safety issues, such as drowsiness, attention, posture discomfort and temperature. (From a press release on June 5, 2019)

-The Company and Japan Display Inc. (JDI) announced a partnership to enhance the digital user experience in vehicles. The two companies will cooperate on the development and integration of large displays into automotive interiors, leveraging their know-how and expertise so that the functionalities and design of large displays will be a key element of cockpit attractiveness. JDI and the Company will develop innovative displays adapted to different use cases to enhance the user experience. The Company will leverage its knowhow to ensure safety, high-perceived quality and seamless integration of displays into the cockpit. During CES 2019, the Company and JDI revealed a first illustration of their capabilities by showcasing a world premiere 32.1-inch 6K display integrated into an instrument panel. (From a press release on February 26, 2019)

Product Development

Technologies demonstrated at CES 2020
-The Company announced that it will demonstrate its latest innovations for the Cockpit of the Future and Sustainable Mobility at CES 2020, including technologies from its recently created Business Group, Faurecia Clarion Electronics, its fuel cell joint venture with Michelin and its partnership with Microsoft. It will present a redesigned interior of a Ford F150 pick-up truck, demonstrating the Group’s broad technology portfolio and integration expertise for a connected, versatile and personalized interior. The Company will showcase scalable and upgradable hardware and software solutions that enable automakers and mobility providers to personalize the onboard experience. It will also present fuel cell stacks and hydrogen storage systems for zero-emission mobility as well as e-mirror technology with integrated interior displays to improve fuel economy and driving safety.  It will also demonstrate experience vehicles powered by Faurecia Clarion’s Advanced Driver Assistance systems (ADAS) which allow autonomous pick-up, valet parking, autonomous drive and trailer assist for hitching up a trailer. The Company will also feature test drives of immersive sound vehicles with state-of-the-art digital sound tuning and active noise cancellation on the road and hydrogen-powered rides in a fuel cell electric utility vehicle. (From a press release on November 14, 2019)

Technologies demonstrated at 2019 Tokyo Motor Show
-The Company will present technologies for the cockpit of the future and zero emission with Faurecia Clarion Electronics at the Tokyo Motor Show. The Company will showcase fuel cell systems with a comprehensive range of hydrogen tank and fuel cell stacks for both light and commercial vehicles. It will present a multi-view HMI interface that eliminates confusing menu structures and gives more flexibility in selecting and managing in-vehicle features. It allows users to bookmark and organize frequently used apps or services into an easy-to-access series of options on the top of the display. An autonomous pick-up solution illustrates the Company’s competence in ADAS. The driverless vehicle uses a map that was previously created while parking to optimize its route and uses camera and sensor fusion with detection software to monitor the driving environment and avoid obstacles. The car, equipped with Full Digital Sound, recognizes individuals and automatically plays their favorite music and optimizes the acoustic tuning offering an exceptional sound quality. (From a press release on October 23, 2019)

Safe Human Interaction Cockpit
-ZF has developed Safe Human Interaction Cockpit (SHI cockpit) with the Company and fka. The SHI Cockpit provides haptic, visual, and acoustic information to the driver and can advise when road traffic conditions permit automated driving. The system can then take over when the driver lets go of the steering wheel, which is detected by a Hands-On-Detection (HOD) function. Thanks to a steer-by-wire system, the steering wheel remains stationary in this driving mode. The SHI Cockpit can also give the driver advance warning to resume control of the vehicle. A 3-D interior camera measures the driver’s height and individually adjusts the seat and the steering wheel when driving manually. Drivers have a bird’s-eye view of their vehicles on the Head-Up Display Instrument Cluster (HUDIC) located on a central monitor. The Active Vehicle Aura (AVA) signifies the effective networking of all assistance systems. ZF holds overall responsibility for the project, and developed and networked all of the cockpit’s functions. ZF also contributed to all of the active and passive safety systems including the HOD steering wheel. (From a press release on September 12, 2019)

Technologies demonstrated at 2019 Shanghai International Automobile Industry Exhibition
-The Company will exhibit its latest innovations for Sustainable Mobility and the Cockpit of the Future at the 18th Shanghai International Automobile Industry Exhibition. It will display a fully integrated Cockpit of the Future in a serial production vehicle, reflecting how onboard intelligence and integrated design creates a more connected, personalized and immersive experience for all occupants. The Company will also showcase Clarion technologies including an in-vehicle-infotainment and intuitive HMI solution. It will present fuel cell systems, a comprehensive range of fuel tank and fuel cell technologies for both light and commercial vehicles stack technologies and solutions for hybrid powertrains for improved fuel economy such as the compact Exhaust Heat Recovery System (EHRS). (From a press release on April 11, 2019)

Patents

-In 2019, the Company filed 608 first patents, comprising of 476 patents in the Seating, Interiors and Clean Mobility Business Groups and 132 patents from the Clarion Electronics Business Group.

Investments outside France

-The Company intends to improve global production efficiency by accelerating the utilization of its new sites. Clarion’s plant in Hungary, which produces car navigation and audio systems will start production of automotive infotainment systems (IVIs) for the Company’s European customers. Clarion’s Mexican plant plans to produce IVIs and audio components for Parrot Faurecia Automotive within two years. Clarion’s Koriyama Plant also plans to produce products for Faurecia next year. (From an article in the Nikkan Jidosha Shimbun on December 6, 2019)

<Mexico>
-The Company formally inaugurated the expansion of its San Luis Potosi frames plant for its seating division. With the expansion, the manufacturing facility has more than doubled in size from 16,000 to 35,000 square meters, becoming the Company’s largest plant in North America. The expansion represented an investment of USD 12 million and will increase the workforce from 980 to 1,180 employees. The expanded plant will feature Industry 4.0 manufacturing technologies, Automatic Guided Vehicles and Radio Frequency Identification. In the last three years, the Company has invested approximately USD 200 million in Mexico, primarily for the opening of the San Luis Potosi frames plant in 2016, and for a headquarters in Guanajuato in 2018. (From multiple sources on October 22, 2019)

-Mexico-Now reported that the Company will invest USD 25 million in its Premium plant, within its interiors group, in Huejotzingo, Puebla. The investment is linked to 200 new job positions. The plant opened in Huejotzingo in 2012 and expanded in 2017 to an area of 20,000 square meters. The plant utilizes 104 suppliers and produces 68,000 components weekly for Ford, FCA and Volkswagen vehicles. (From Mexico-Now article and multiple sources on August 1, 2019)

<U.S.>
-The Michigan Economic Development Corporation announced that the Company will open operations in Highland Park, Michigan, U.S. where it will assemble automotive seats, seat frames, foam cushions, and seat covers. The project is expected to generate a total private investment of USD 10.7 million and create 500 jobs, resulting in a USD 2 million Michigan Business Development Program performance-based grant. (Michigan Economic Development Corp. press release on September 24, 2019)

<Japan>
-The Company announced the establishment of its first Clean Mobility plant in Japan, located in Koriyama City, Fukushima Prefecture. This new facility will be built on a 9,000 square meter industrial site owned by Faurecia Clarion Electronics. The Company will employ 50 people to begin operations in August 2020 and will produce exhaust systems for passenger cars and commercial vehicles. (From a press release on April 30, 2019)