Faurecia, one of the world's leading automotive equipment suppliers, has enhanced the expertise of its TechCenter in Brières-les-Scellés (France) with the addition of CoverTech, a new expertise center for automotive seat covers. The new facility has been operational since December 2015.
At its Investor Day held today in Paris, Faurecia outlined its strategy for accelerating value creation. For the period 2016 – 2018 the Group will see total sales growth of 6% CAGR (400 basis points above automotive production). The operating margin in 2018 will reach 6% of total sales (7% of value added1 sales). Net Cash Flow will be above €500 million and earnings per share will reach €5.
Faurecia today signed the definitive agreement (Sales and Purchase Agreement) for the sale of its Automotive Exteriors Business to Plastic Omnium following the completion of the information and consultation procedures with the relevant employee representatives.
Faurecia posts strong consolidated sales growth, up 4.4% (like-for-like), in the first quarter of 2016 and finalized its successful refinancing. Faurecia consolidated sales stood at €4,656.7 million in the first quarter of 2016, up 4.4% at constant exchange rates and scope from €4,651.8 million restated for IFRS 5.