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Faurecia to set up Japanese JV with Howa Textile.

MANews-(C)2009-2012

19 April 2012 a[euro]" French car parts maker Faurecia SA (EPA:EO) said on Thursday it had sealed a deal to form a 50/50 vehicle interior systems development joint venture in Japan with privately-held local sector specialist Howa Textile Industry Co Ltd.

The JV, called Faurecia Howa Interiors (FHI), will have its headquarters in Atsugi and will focus on developing door panels, in-vehicle insulation, soft trim and roof trim. The new company will seek to become a preferred local supplier of door panels and soft trims for Nissan Motor Co Ltd (TYO:7201).

Faurecia and Howa willA split FHIa[euro](tm)s productionA among their existing facilities globally, excluding Mexico and China, where the venture will establish its ownA plants. The JV will operate in a number of countries in North and South America, Europe, Asia and in South Africa. It expects EUR100m (USD131.5m) worth of Nissan sales by its parents by 2016.

The JV has already won contracts to assemble a new global vehicle at five different sites in Mexico, Thailand, South Africa, Spain and South America. The total targeted production of the vehicle on an annual basis is seen to be over 400,000 units.

Faureciaa[euro](tm)s goal is to boost the sales of its Asian operations to EUR4bn by 2015 from EUR1.5bn in 2011 via sustained growth in its largest priority market, China, as well as in South Korea, the company said.

The French company achieved total sales of EUR16.2bn in 2011 and had a headcount of some 84,000, 270 locations and 40 research and development (R&D) centres as at the end of last year.Country: JapanSector: Motor VehiclesType: JVStatus: Agreed

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Publication:M & A Navigator
Date:Apr 19, 2012
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