Nanterre / Tokyo, March 29, 2012
Faurecia and NHK Spring broaden automotive seating business partnership
Following 10 years of successful automotive seating business partnership, Faurecia and Japanese group NHK Spring Co. Ltd have decided to broaden their 50/50 Faurecia NHK (FNK) joint-venture to continue serving Nissan on a global basis. The new technical and commercial agreement foresees the establishment of branches in China and the United States in order to closely support Nissan operations in these two key automotive countries.
"Faurecia's automotive seating business expects to be further boosted by the Renault / Nissan global approach and targeting new Nissan 'Power 88' opportunities in North America, China, Russia and Brazil," said Patrick Koller, Executive Vice President of Faurecia Automotive Seating.
The success of FNK has enabled both partners - Faurecia and NHK Spring - to significantly develop their sales to Nissan globally with seat assembly lines in Japan, China, Thailand, Spain, United States and South America.
With FNK now considered by the Renault-Nissan Alliance as a strategic partner for automotive seating, the growth prospects for FNK are expected to be very positive on the medium and long term. In 2011, FNK sales exceeded €600 million, while the €1 billion mark is expected to be reached in 2015.
Note to Editors: Faurecia to accelerate Asian operations
Within the frame of its 2015 strategic plan, Faurecia is aiming at more than doubling its Asian business with sales expected to grow from €1.5 billion to € 4 billion by 2015. This target is expected to be reached mainly through sustained growth in China, in South Korea and with Asian carmakers globally, among which new business opportunities within the Nissan "Power 88" program will be at the core. The last key point will be to become fully local in all markets with state-of-the-art R&D capabilities in China, South Korea and India.
In China, Faurecia's top priority in the region, the strategy to focus on international JVs and global platforms is being supplemented by new business opportunities with selected pure Chinese automakers. The existing partnership with Geely/Volvo is the first priority, while other targets are being actively pursued. The Group aims to reach total sales of € 2.5 billion in China with 50 plants, four wholly-owned R&D centers and some 15,000 employees.
In South Korea, with Hyundai-Kia top on the list, Faurecia is currently expanding beyond its strong Emissions Control Technologies business to develop in the seating and interior systems fields, where the Group's technology leadership is expected to make the difference.
About Faurecia
Faurecia is the world's sixth-largest automotive equipment supplier with four key Business Groups: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2011, the Group posted total sales of €16.2 billion. At December 31, 2011, Faurecia employed 84,000 people in 33 countries at 270 sites and 40 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange. For more information, visit: www.faurecia.com
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