FRANCE: Faurecia inks China deal with Geely and Limin
French parts maker Faurecia has finalised a deal with Chinese groups Geely and Limin to deliver interior systems and automotive exteriors.
The agreement covers delivery to all Geely brands in China and includes the set up of several joint ventures to be held by Faurecia, Limin and Geely, which will supply the five new Geely plants currently being built in China.
Geely is currently involved with the takeover of Volvo, which Faurecia also supplies with interior systems and emissions control technologies. It has eight manufacturing plants and is eyeing annual production of two million vehicles by 2015.
The Limin Group is based in Taizhou (Zhejiang Province), has two plants and is currently the main supplier of Geely for interior systems and vehicle exteriors.
Following Faurecia's move to acquire stake in the capital of Xuyang Group, the French manufacturer noted: "This alliance is a new significant step of Faurecia's development in China. The Group is present through 17 plants and four R&D centres, with some 4,000 employees."
Faurecia had sales of EUR670m (US$847m) last year and is targeting sales of EUR1.7bn in China by 2014.