Faurecia SA Signs Joint-Venture Agreement with Chang'an Automobile Group
Faurecia SA announced that it has signed an agreement for the establishment of a new 50/50 joint-venture with Chang'an Automobile Group. The joint venture is to be called CSM Faurecia Automotive Systems Company Ltd (CFAS) and will produce automotive interiors. The new joint-venture has a total planned investment in excess of EUR 35 million (CNY 293 million), which will be contributed equally by both shareholders and will cover the new industrial sites, equipment and process, design and development as well as tooling costs. The CFAS joint-venture will focus on the development, manufacturing and delivery of automotive interior equipment, including: instrument panels, door panels, center consoles and cockpit modules. With this agreement, the joint-venture will strengthen and broaden the technical cooperation between Faurecia and Chang'an. The customers to be served by CFAS are primarily Chang'an Ford (CAF) as well as Chang'an Peugeot and Citroen (CAPSA), with which the joint-venture has already secured new business programs. Within the scope of the agreement, the partners will establish new manufacturing plants in Shenzhen and Hangzhou while transferring the existing Faurecia plant in Chongqing to the new joint-venture.
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