Fuyao Group Glass Industries Co., Ltd. FY2009
|Sales||6,079.37||5,716.97||6.34||Sales improved year-on-year as a result of reorganizing initiatives in the automotive industry and the gouvernment's initiating a revitalization plan.|
|Operating profit||1,473.43||281.03||424.30||A new record in operating profit was achieved mainly due to following factors:
-reorganizing initiatives in the automotive industry and the government's initiating a revitalization plan.
-greater demand in the domestic market.
AcquisitionIn Dec 2009, the Company acquired 51% of the shares in GDX-Fuyao Glass Systems (Changchun) Co., Ltd. from Henniges Automotive. After acquiring the shares, GDX-Fuyao Glass Systems became the company's wholly owned subsidiary. The company's name was changed to Fuyao(Changchun) Bus Glass Co., Ltd. in Feb, 2010.
DivestitureThe Company announced on April 20 that it will sell off Fuyao Hainan Float Glass Co., Ltd. to Hainan China Aviation Special Glass Material Co., Ltd. Fuyao Hainan Float Glass Company, which is a wholly owned subsidiary of the Company, ceased production on December 30, 2008. The sales price of Fuyao Hainan Float Glass is estimated to be around 450 million yuan. The divestiture of the float glass unit will allow the Group to focus on the automotive glass sector. (From a press release, April 17, 2009)
|Name||Fuyao Technical Center|
|Overview||-The technical center currently conducts its R&D activities in 10 divisions: the automotive glass research center; construction glass research center; float glass research center; the research center for cutting-edge technology; CAE/CAM application research division; technical information and patent division; inspection and testing center; planning and project management division; production equipment technology center; and dies and jigs research and development center.
-The center was certifies as a national level research facility in September 2006.
-The total investment in 2005 was 157 million yuan; and that in 2006 reached 210 million yuan.
Product Development- The Company began mass-production of its Low-E glass for use in automotive windshields. The company has filed a patent application for this Low-E glass coating technology it had developed on its own. The single- and multiple-layer, silver-coated Low-E glass offers a visible light transmission rate of 75 percent and above and a solar transmittance rate of 43 percent or lower, both achieving high international standards. (From a press release, January 28, 2010)
Capital Investment Projects
(As of Dec. 31, 2009)
|Projects||Planned amount of investment
|Amount invested in 2009 (million yuan)||% so far invested of the total planned investment
|Constructing a new facility to manufacture automotive safety glass at Fuyao Glass (Hubei) Co., Ltd.||287.66||53.9||99||This facility is under construction|
|Constructing a new facility to manufacture automotive safety glass at Guangzhou Fuyao Glass Co., Ltd.||600.0||14.9||98||Commercial operations began in Oct. 2007|
|Constructing a new facility to manufacture automotive safety glass at the Fuyao Group Beijing Futong Safety Glass Co., Ltd.||496.15||39.1||99||Commercial operations began in Aug. 2007|