Fawer Automotive Parts Limited Company Business Report FY ended Dec. 2012
|(in million yuan)|
|FY ended Dec. 31, 2012||FY ended Dec. 31, 2011||Rate of Change (%)||Factors|
|Operating profit||523.48||521.66||0.35||With the rose of the economic situation and the increase in production of major customers, the 2012 annual profit increased.|
-In April 2012, FAWER Visteon Climate Control System (Changchun) Co., Ltd. (FVCC) opened a plant in Chengdu, Sichuan Province to produce aluminum radiators.The new plant is a wholly owned subsidiary of FVCC, a joint venture of Visteon Corporation and the Company. The facility will support the FAW-Volkswagen manufacturing base in
-In February 2012, Fawer Pump Branch Company, which is a subsidiary of the Company, and Dayco Products, LLC of the
-In April 2012, FAWER Visteon Climate Control System (Changchun) Co., Ltd. (FVCC) opened a plant in Chengdu, Sichuan Province to produce aluminum radiators. The new plant is a wholly owned subsidiary of FVCC, a joint venture of Visteon Corporation and FAWER Automotive Parts Company Ltd. The facility will support the FAW-Volkswagen manufacturing base in Chengdu, as well as other automakers in southwest China. The 3,700-square meter (39,800-square foot) plant is expected to have an annual production capacity of 500,000 units by 2013. (From a press release on April 9, 2012)
Merger with Guangdong Sunrise
-Guangdong Sunrise Holdings Co., Ltd. announced on December 2 that it has received an approval from China Securities Regulatory Commission for its project to absorb Fawer Automotive Parts Limited Company through a stock swap of new shares. (From news releases issued by multiple sources on December 3, 2012)
-Fawer planned reorganization with Guangdong Sunrise On March 9, 2012. The Company said it has gained an approval from the Assets Supervision and Administration Commission of Jilin Province on its business reorganization project with Guangdong Sunrise Holdings Co., Ltd. Guangdong Sunrise Holdings is planning to absorb Fawer Automotive Parts after conducting stock swap of new shares. The company said its application for the business reorganization has been accepted by the China Securities Regulatory Commission on April 10. (From an announcement by the company, April 10, 2012)
R&D Facilities-The Company owns Fawer Automotive Parts Co., Ltd. Technology Center, an R&D center.
-The Company has R&D centers in several of its joint ventures, including Faw-Valeo Climate Control Systems CO., Ltd., FAW-Tokico Shock Absorber Co., Ltd., FAW-Koyo Steering Systems Co., Ltd..
-The Company has independently developed various key products, including body control modules, machine controllers for new energy vehicles, battery control management systems, battery pack modules, and controllers for new energy vehicles.
-The Company has 496 employees working in research and development.
Capital Investment Projects
|(as of Dec. 31, 2012)|
|Projects||Total Planned Investment
(in million yuan)
|Investment Made in 2012 (in million yuan)||Status|
|Construction of new plant
|Construction of Chengdu Tower plant in Industrial Park||25.05||15.42||Under construction|
|Technological transformation project||29.97||21.42||Under construction|
|Construction of Phase II Liao pump plant in Chengdu Industrial Park
|Construction of R&D center