batmannow
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China's XAC Buys Plane Parts Maker FACC
October 5, 2009
Chinese planemaker Xi'an Aircraft International (XAC) has agreed to acquire 91.25 percent of Austrian aircraft parts maker FACC, the two companies said over the weekend.
The companies declined to say how much XAC paid for the stake.
FACC's previous owners included Oesterreichische Salinen and Raiffeisen Landesbank Oberoesterreich. The deal is subject to regulatory approval and expected to close by year-end.
Upon closing, the Chinese group will inject at least EUR40 million euros (USD$58 million) in fresh equity into unlisted FACC, a supplier to aircraft makers including Airbus, Boeing and Embraer.
FACC almost doubled its net loss to EUR19.6 million in the financial year 2008/09 to February, while revenue rose slightly to EUR276.6 million. Operating earnings turned to a profit of EUR6.4 million from a loss the previous year.
(Reuters)
China's XAC becomes majority owner of Austrian aviation supplier FACC AG
Associated Press
Last update: October 3, 2009 - 6:23 AM
VIENNA - China's Xi'an Aircraft Industry (Group) Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday.
In a statement on its Web site, FACC said stockholders of the two companies signed an acquisition agreement that, once completed, will give XAC 91.25 percent of FACC shares. No price was disclosed.
The transaction, which still needs regulatory approval, is expected to be concluded by the end of the fourth quarter.
FACC AG, headquartered in the Austrian town of Ried, specializes in the development, design and production of components and systems for civil aircraft, including complete cabins. Its customers include Airbus, Boeing and Bombardier Aerospace.
www.StarTribune.com
FACC AG: FACC AG advanced composite components. Aircraft lightweight composites (Austria) ex Fischer
NO worries, beggers from EU! jst want bread from GRAET CHINA!
October 5, 2009
Chinese planemaker Xi'an Aircraft International (XAC) has agreed to acquire 91.25 percent of Austrian aircraft parts maker FACC, the two companies said over the weekend.
The companies declined to say how much XAC paid for the stake.
FACC's previous owners included Oesterreichische Salinen and Raiffeisen Landesbank Oberoesterreich. The deal is subject to regulatory approval and expected to close by year-end.
Upon closing, the Chinese group will inject at least EUR40 million euros (USD$58 million) in fresh equity into unlisted FACC, a supplier to aircraft makers including Airbus, Boeing and Embraer.
FACC almost doubled its net loss to EUR19.6 million in the financial year 2008/09 to February, while revenue rose slightly to EUR276.6 million. Operating earnings turned to a profit of EUR6.4 million from a loss the previous year.
(Reuters)
China's XAC becomes majority owner of Austrian aviation supplier FACC AG
Associated Press
Last update: October 3, 2009 - 6:23 AM
VIENNA - China's Xi'an Aircraft Industry (Group) Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday.
In a statement on its Web site, FACC said stockholders of the two companies signed an acquisition agreement that, once completed, will give XAC 91.25 percent of FACC shares. No price was disclosed.
The transaction, which still needs regulatory approval, is expected to be concluded by the end of the fourth quarter.
FACC AG, headquartered in the Austrian town of Ried, specializes in the development, design and production of components and systems for civil aircraft, including complete cabins. Its customers include Airbus, Boeing and Bombardier Aerospace.
www.StarTribune.com
FACC AG: FACC AG advanced composite components. Aircraft lightweight composites (Austria) ex Fischer
NO worries, beggers from EU! jst want bread from GRAET CHINA!
