China’s Fuyao Glass Industry Group plans to spend US$420m to expand its automotive safety glass operations in Europe and the US with the aim of increasing its share of the global market.
Fuyao is already the largest manufacturer of automotive safety glass in China where it claims to have 70% market share. The company estimates its share of the global auto glass market to be around 20% at present, thanks mainly to its dominance in mainland China. Overseas sales, including non automotive glass, amounted to 30% of group revenues – according to the company.
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The Fujian-based company plans to spend $200m on a new automotive glass plant in the US and a further $220m to build a raw materials processing plant to feed its existing glass plant in Russia.
The company says the new facilities will bring it closer to its existing global customers and it plans to target new customers, including high-end automakers such as Mercedes-Benz and BMW.
Fuyao’s international expansion strategy includes targeting automakers in the US, Japan, Germany, UK and Russia which it regards as the world’s key global automotive production centres. General Motors is its largest customer in the US and one of its largest in China.
