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02
Oct
2009
XAC grabs FACC E-mail
News - Xi'an News
Written by ND
New majority owner of austrian manufacturer of airplane components FACC is XAC (Xi'an Aircraft Industry Group Company Ltd.) with 91,25%. The agreement was signed today on 3. October in Beijing, as announced by FACC on its website. 5% of the enterprise stays with ACC, an associated company of FACC and 3.75% stays under the control of austrian "Stephan GmbH". The transaction is to be sealed after official chinese governmental permission before the end of the year.

After the "take over" the capital is to be increased by XAC of at present 40 million euros to at least 80 million euros. With the capital increase the future business development of FACC is to be secured, according to the agreement with XAC. In 2008/2009 FACC had a turnover of 264,2 million Euros and 1580 employees.

So far, the FACC belonged to the Austrian "SALINEN AG" (48.125%), to "ACC Cooperations & Holdings" (48,125 %) and to "Stephan GmbH" (3.75% share).

Guarantees

XAC guaranteed to preserve all jobs in Austria, said FACC chairman Walter Stephan. The name of the company remains unchanged as well and the three top leading directors of  FACC Walter Stephan, finance director Bernhard Matzner and technology director Thomas Pleli  will remain in their key positions. The exact purchasing price of FACC was not revealed.

While the market for large airplanes stays stable, the market for Business jets broke  apart. This market was destroyed by north-american US president Barack Obama "a little bit" when he criticized the bosses of leading automobile companies publicly of using business jets for coming to Washington for their requests of financial assistance for their crisis-ridden corporations.

Important for FACC is most of all that in China the future manufacturing plants are available, and secondly that the billing currency is practically U.S. Dollars, because the world wide aviation business - also with the european manufacturer AIRBUS - is completely billed in dollars.

Also, FACC can now offer countertrades in China with their AIRBUS orders. Walter Stephan counts on the fact that simple productions will now be shifted from Austria to China, while more fastidious and important orders will be drawn to the domestic austrian manufacturing plants. Thus, the investments will increase as Stephan believes.

Positive feedback about this "deal" came from FACC's previous owners, who sold their shares to XAC. "The FACC needs a strong strategic partner for further growth", said Hannes Androsch, one of the former owners and austrian industrialist. FACC needs more support from their owners, that is something that we couldn't ensure on a long-term basis".

Additional Information

Xi'an Aircraft Industrial Corporation (西安飞机工业), also known as Xi'an Aircraft Company Limited (XAC) is a Chinese aircraft manufacturer and developer of large and medium-sized airplanes. It is based in Yanliang District, Xi'an, Shaanxi Province. It is joint partners with 603rd Aircraft Design Institute of military aircraft. XAC was established in 1958 and has more than 20,000 employees.

XAC Website
XAC on Wikipedia


Image: XAC Headquarter in Xi'an

FACC
is a leading austrian company specializing in the development, design and manufacture of composite components and systems for civil aircraft. FACC offers 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.

FACC Website
FACC on Wikipedia
See original press release by FACC


Our valuable Editor ND has been with us since Monday, 15 June 2009.

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Comments  

 
0 #1 Honjing 2009-10-10 05:19
that was not a smart move FACC..
Quote
 

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