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Faurecia Aims to Boost N. American Sales 65%
French supplier Faurecia SA, which nearly tripled its revenue in North America from 2008 to €2.6 billion ($3.3 billion) last year, plans to increase sales there to €4.3 billion ($5.5 billion) by 2016.
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French supplier Faurecia SA, which nearly tripled its revenue in North America from 2008 to €2.6 billion ($3.3 billion) last year, plans to increase sales there to €4.3 billion ($5.5 billion) by 2016.
Faurecia has already boosted its North American revenue an estimated 42% this year. Most of that growth came from the company's acquisition in June of Ford Motor Co.'s interior trim unit in Saline, Mich., which generates $1.1 billion in annual revenue.
Faurecia, which is 57.4% owned by PSA Peugeot Citroen, says it is now North America's sixth-largest equipment supplier.
Chairman and CEO Yann Delabriere tells investors the company also aims to triple its sales in Asia to €3.4 billion ($4.3 billion), mainly through expansion in China and South Korea.
Faurecia's aggressive overseas expansion is in response to Europe's shrinking auto market. The company intends to derive 55% of global revenue outside Europe by 2016 compared with 37% last year. Delabriere says Faurecia also will shed 3,000 jobs in Europe by next year.
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