19 October, 2019 - 23 October, 2019
High Point, North Carolina, U.S.
23 October, 2019 - 25 October, 2019
29 October, 2019 - 31 October, 2019
Buenos Aires, Argentina
31 October, 2019 - 02 November, 2019
01 November, 2019 - 03 November, 2019
The French automotive parts and seating Group has announced a +34% rise in profit in full 2017, with net income reaching €714.5 million, and plans to open a new manufacturing facility in Blue Springs, U.S. state of Missouri, part of the Kansas City area.
The new US$60 million facility is to create over 300 new jobs and to officially begin production activity later in 2018, ramping up to full production by the end of 2020. Upon completion, total investment is expected to be in excess of US$60 million for the approximately 250,000 sq ft plant. Faurecia will manufacture and assemble door panels and instrument panels using the latest technologies. The company currently employs more than 600 people in Missouri at its Clean Mobility facility in Dexter, and Seating facility in Wentzville.
With North American headquarters based in Auburn Hills, Michigan, Faurecia had sales of US$5.78 billion in 2016 and employed approximately 20,000 people at 47 locations in Canada, Mexico and the U.S.
Worldwide, the French Group announced a +34% rise in profit in full 2017, with net income reaching €714.5 million. Revenues increased +8.6% to €16.96 billion and dividends were up +22% to €1.10 euro per share. Operating income rose +21% to €1.17 billion, representing a margin of 6.9% of sales. According to Faurecia, all Business Groups posted solid organic growth of over 9%, with Interiors posting the highest organic growth at +20.5%. All regions are said to have significantly outperformed local automotive production growth, including North America that posted a +1.1% organic growth despite regional automotive production dropping -7.3% year-on-year.
In the seating segment, value-added sales totalled €7,132.9 million in 2017, against €6,607.4 million in 2016 (+8% on a reported basis and +9 on an organic basis), outperforming by 670bps worldwide automotive production growth (+2.3%, source: IHS Automotive January 2018). Organic sales grew by high single-digits in Europe and North America and by double-digits in Asia and South America. Organic growth was mainly driven by sales to PSA in Europe and Ford in North America. In China, sales grew +6% on an organic basis.
As reported by ILM, in 2017, two new joint-ventures for the Seating Business Group were signed with Chinese OEMs, Wuling and BYD, which are expected to contribute to future growth.