Faurecia appoints Citi as depositary for its sponsored Level 1 ADR program, targets $7 billion sales in North America in 2016
NEW YORK, Nov. 29, 2012 /PRNewswire/ -- Faurecia, the world's sixth largest automotive equipment supplier, today announced that it has appointed Citi as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program. Faurecia's ADR program trades in the U.S. over-the-counter (OTC) market under the ticker FURCY, with each ordinary share – listed on the NYSE Euronext Paris stock exchange – comprised of two ADRs.
Yann Delabriere, Chairman and Chief Executive Officer of Faurecia, said, "Faurecia is experiencing strong growth in the dynamic North American automotive market, where we are targeting $7 billion sales in 2016 and a top five supplier position in the short term. Faurecia is committed to developing a strong shareholder base in the U.S. and looks forward to working closely with Citi to gain access to ADR investors."
Faurecia recently presented its strategy, its growth and profitability objectives for the 2012–2016 period. The Group aims to grow at 6-7 percent p.a. and reach sales of $28 billion in 2016. Within a weak European environment, Faurecia's growth strategy will focus on North America and Asia, with sales outside Europe growing from 37 percent in 2011 to 55 percent in 2016. Faurecia has announced its 2016 profitability objectives with an operating margin above 5 percent and a net debt to EBITDA ratio below 0.5x.
"Our strong customer portfolio, global industrial and R&D footprint, competitive cost base and technology leadership make Faurecia best-positioned to benefit from the globalization of the automotive market and industry technology changes," underlined Delabriere.
In North America, which now accounts for 25 percent of global sales, Faurecia has quadrupled its sales since 2009 and is now positioned, after the Ford Saline acquisition, as the region's sixth largest automotive equipment supplier. After a phase of rapid expansion of its footprint and the launch of a high number of programs, Faurecia expects to continue to grow above market, to stabilize its footprint and to focus on industrial efficiency and profitability.
Expansion in North America has been fueled by the reinforced and broadened customer base among others with Ford, Nissan, Daimler and Volkswagen as well as in the commercial vehicles area. Business in the region is expected to grow at 11 percent p.a. to reach $7 billion in 2016.
The Group currently operates 38 manufacturing sites (estimate 43 in 2016) in the region, including a significant low-cost base in Mexico, while its R&D and innovation activities are undertaken at five locations.
The Group's strategic development will be based on:
- Its four key business groups: Automotive Seating, Interior Systems, Emissions Control Technologies and Exterior Systems, each positioned among the world top three in its market;
- A high level of operational performance resulting from its worldwide production footprint and a competitive cost structure;
- The continuous development of global programs and international vehicle platforms;
- Technology leadership, supported by a worldwide engineering and R&D network, will further drive Faurecia's product value with a focus on weight reduction, environmental performance and vehicle interior attractiveness.
About Faurecia North America
Faurecia North America had sales of $4.8 billion in 2011. The Group has 37 production sites in the United States, Canada and Mexico and employs more than 17,000 people in the region. It has five technical and development centers, situated in Auburn Hills (2), Holland and Troy, Mich., and in Columbus, Ind., as well as customer centers in Southfield, Mich. and Toledo, Ohio, and a services center in Auburn Hills. For the latest updates on Faurecia activities throughout North America, connect with the company on Facebook (http://www.facebook.com/faureciaNA), Twitter (http://www.twitter.com/faurecia_NA) and Pinterest (http://www.Pinterest.com/FaureciaNA).
Faurecia is the world's sixth-largest automotive equipment supplier with four key Business Groups: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2011, the Group posted total sales of €16.2 billion ($22.5 billion). At December 31, 2011, Faurecia employed 84,000 people in 33 countries at 270 sites and 40 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange and trades in the U.S. over-the-counter (OTC) market. For more information, visit: www.faurecia.com