On February 9th, France’s Foglia Group, the 6th largest auto parts manufacturer in the world, announced that the company has regained full profitability and plans to open seven new factories in China.
In 2010, Foglia's global sales increased by 48%, with total sales of 13.796 billion euros. Net profit was EUR 202 million and free cash flow was EUR 222 million. This means that Faurecia is now fully profitable, and the company’s board of directors decided to propose a dividend of 0.25 euros per share at the next general meeting of shareholders held in May 2011.
In 2010, Faurecia's global sales totaled 13.796 billion euros, of which sales of parts and components supplied to automakers was 10.496 billion euros, an increase of 41%. Asian product sales were 968 million euros, an increase of up to 80%. Faurecia's product sales in China totaled 789 million euros, an increase of 71%.
In 2010, Folgaria’s operating profit growth totaled 547 million euros, of which 314 million euros was attributed to sales growth and 188 million euros was attributed to improvement in production efficiency. The newly merged two companies (Emcon Technologies and Plastal) brought a total operating profit of 51 million euros to the entire group.
According to reports, within a year, Emcon Technologies has successfully merged with Faurecia Emissions Control Technologies. During the year 2010, both parties have achieved savings of 30 million Euros, which greatly exceeds the initial target of 20 million Euros. In addition, Faurecia's Exhaust Emissions Control Systems Division has entered into a strategic partnership with Cummins Emissions Solutions Co., Ltd. to better serve the rapidly growing commercial vehicle reprocessing market.
At the same time, the Plastal acquisition project brought growth to the Group during 2010 and led the external decoration business to the international market. During 2010, Plastal brought about 19 million euros in operating revenue for Faurecia, which accounted for 4.8% of total sales. Faurecia's exterior division set up a new joint venture in China to supply bumpers for FAW-Volkswagen MAGOTAN and the new generation Audi A6. Faurecia's exterior division has decided to formally enter the Brazilian market and will open a new plant in Porto Rio recently.
China is the most important market for Faurecia. At present, the four core businesses of Foglia have now entered the Chinese market. In 2010, China's total sales exceeded the 1 billion euro mark for the first time, achieving a performance of 1.023 billion euros, an increase of 58%. In order to keep pace with this rapid expansion, Faurecia has added six new factories in China in 2010. By then, Faurecia has set up 23 factories in China and plans to continue opening seven new factories in 2011. At the same time, Faurecia further consolidated its partnership with local vehicle manufacturers by forming alliances with Geely-Leemin and Changchun Xuyang Industry (Group) Co., Ltd.
Faurecia expects global light vehicle production to increase by 6.5% to 7.0% in 2011, with European regions ranging from 3.0% to 4.0%. The company’s goal is to have total sales of 14.8 to 15.3 billion euros in 2011, operating profits of 580 million to 640 million euros, and total net cash flow of more than 200 million euros.
In 2010, Foglia's global sales increased by 48%, with total sales of 13.796 billion euros. Net profit was EUR 202 million and free cash flow was EUR 222 million. This means that Faurecia is now fully profitable, and the company’s board of directors decided to propose a dividend of 0.25 euros per share at the next general meeting of shareholders held in May 2011.
In 2010, Faurecia's global sales totaled 13.796 billion euros, of which sales of parts and components supplied to automakers was 10.496 billion euros, an increase of 41%. Asian product sales were 968 million euros, an increase of up to 80%. Faurecia's product sales in China totaled 789 million euros, an increase of 71%.
In 2010, Folgaria’s operating profit growth totaled 547 million euros, of which 314 million euros was attributed to sales growth and 188 million euros was attributed to improvement in production efficiency. The newly merged two companies (Emcon Technologies and Plastal) brought a total operating profit of 51 million euros to the entire group.
According to reports, within a year, Emcon Technologies has successfully merged with Faurecia Emissions Control Technologies. During the year 2010, both parties have achieved savings of 30 million Euros, which greatly exceeds the initial target of 20 million Euros. In addition, Faurecia's Exhaust Emissions Control Systems Division has entered into a strategic partnership with Cummins Emissions Solutions Co., Ltd. to better serve the rapidly growing commercial vehicle reprocessing market.
At the same time, the Plastal acquisition project brought growth to the Group during 2010 and led the external decoration business to the international market. During 2010, Plastal brought about 19 million euros in operating revenue for Faurecia, which accounted for 4.8% of total sales. Faurecia's exterior division set up a new joint venture in China to supply bumpers for FAW-Volkswagen MAGOTAN and the new generation Audi A6. Faurecia's exterior division has decided to formally enter the Brazilian market and will open a new plant in Porto Rio recently.
China is the most important market for Faurecia. At present, the four core businesses of Foglia have now entered the Chinese market. In 2010, China's total sales exceeded the 1 billion euro mark for the first time, achieving a performance of 1.023 billion euros, an increase of 58%. In order to keep pace with this rapid expansion, Faurecia has added six new factories in China in 2010. By then, Faurecia has set up 23 factories in China and plans to continue opening seven new factories in 2011. At the same time, Faurecia further consolidated its partnership with local vehicle manufacturers by forming alliances with Geely-Leemin and Changchun Xuyang Industry (Group) Co., Ltd.
Faurecia expects global light vehicle production to increase by 6.5% to 7.0% in 2011, with European regions ranging from 3.0% to 4.0%. The company’s goal is to have total sales of 14.8 to 15.3 billion euros in 2011, operating profits of 580 million to 640 million euros, and total net cash flow of more than 200 million euros.
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