China's XAC becomes majority owner of Austrian aviation supplier FACC AG
By Associated Press
7:49 AM CDT, October 3, 2009
VIENNA (AP) — China's Xi'an Aircraft Industry (Group) Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday.
In a statement on its Web site, FACC said stockholders of the two companies signed an acquisition agreement that, once completed, will give XAC 91.25 percent of FACC shares. No price was disclosed.
The transaction, which still needs regulatory approval, is expected to be concluded by the end of the fourth quarter.
"XAC and FACC complement each other very well," FACC CEO Walter Stephan said in the statement, adding in comments carried by the Austria Press Agency that XAC had guaranteed it would maintain the company's Austrian locations and work force. Its name will also remain unchanged.
FACC AG, headquartered in the Austrian town of Ried, specializes in the development, design and production of components and systems for civil aircraft, including complete cabins. Its customers include Airbus, Boeing and Bombardier Aerospace.
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China’s aviation giant buys Austrian plane parts maker FACC
Posted on 06 October 2009 by adminShareThis
October.06, 2009 - October 3, the stockholders of Austria’s leading aviation supplier FACC AG (”FACC”) and Xi’an Aircraft Industry (Group) Company Ltd. (”XAC”) have signed an agreement relating to the acquisition of the majority of shares in FACC by XAC. Upon completion of the acquisition, 91.25% of the shares of FACC AG will be held by XAC, 5% will remain in possession of the Austrian holding company ACC Kooperationen und Beteiligungen GmbH and 3.75% will be retained by Stephan Ges.m.b.H. The transaction which is subject to customary regulatory approvals is expected to be finalized by the end of the fourth quarter of 2009. After the completion of the acquisition, a share capital increase will be carried out, raising shareholders’ equity from the current 40 million Euros up to no less than 80 million Euros. This primary equity capital raising will assure the planned business development of FACC.
FACC will bring its advanced composite aerostructure manufacture ability to XAC
FACC is a leading company specializing in the development, design and manufacture of composite components and systems for civil aircraft. We offer a wide range of products, from aircraft fairings to fuselages and wings, engine and engine nacelle components and complete aircraft cabins. The two divisions Structures and Interiors occupy top positions in their respective markets.
In 2008, The Chinese aircraft manufacturer COMAC/ AVIC Commercial Aircraft Co., Ltd. awards FACC the “Silver Medal Supplier Award” for the development and manufacture of the ARJ21 passenger cabin.
XAC is the main contractor of famous JH-7/JH-7A two-seater, twin-engine fighter-bomber in service with the People’s Liberation Army Naval Air Force (PLANAF), and the People’s Liberation Army Air Force (PLAAF).