FACC
Joint venture with Arab investor / Production base in dollar zone / Divestment plans are on ice for now
Aeronautics supplier Fischer Advanced Composite Components (FACC, Ried / Austria; www.facc.at) is close to establishing a joint venture with the state-owned holding Mubadala Development Company of Abu Dhabi / United Arab Emirates; www.mubadala.com), Austrian reports say. The jv would produce aircraft parts in the Emirates, where costs are factored in dollars, thus avoiding the expense of manufacturing in the euro zone. Mubadala wholly owns Abu Dhabi Aircraft Technologies and has a 35% state in Italy’s Piaggio Aero Industries as well as a cooperation with US aeronautics giant Northrop Grumman.
The planned sale of FACC meanwhile seem to have fallen through, as none of the bidders was prepared to pay the mooted minimum price of EUR 100m (excluding debt). Even Chinese aviation group AVIC Commercial Aircraft (ACAC) withdrew its bid, which appeared to have been firmly agreed. FACC’s major shareholders, Salinen Austria and ski manufacturer Fischer (Ried / Austria; www.fischer-ski.com), now intend to restructure the company themselves rather than divesting it, according to Hannes Androsch of Salinen.
Androsch told Austrian media that the company is considering a capital increase, allegedly in the region of EUR 10m. However, Fischer has hinted that its financial position would not allow it to participate in the issue. If Salinen Austria were to fund the capital increase on its own, this would result in a shift in the ownership structure.
FACC’s fortunes rise and fall with the performance of the aircraft industry, especially rival manufacturers Airbus and Boeing, both of which have postponed market launch of their new large planes. This would suggest that capacity utilisation levels at the Reichersberg / Austria facility built by FACC at a cost of EUR 40m specifically to supply composite components for the Airbus “A 350” and the Boeing “Dreamliner” are inadequate.
According to provisional figures for fiscal 2007/2008 (28 February), FACC had sales of around EUR 240m. The company has around 1,600 employees and expects to report sales of EUR 280m for the current fiscal year.
The planned sale of FACC meanwhile seem to have fallen through, as none of the bidders was prepared to pay the mooted minimum price of EUR 100m (excluding debt). Even Chinese aviation group AVIC Commercial Aircraft (ACAC) withdrew its bid, which appeared to have been firmly agreed. FACC’s major shareholders, Salinen Austria and ski manufacturer Fischer (Ried / Austria; www.fischer-ski.com), now intend to restructure the company themselves rather than divesting it, according to Hannes Androsch of Salinen.
Androsch told Austrian media that the company is considering a capital increase, allegedly in the region of EUR 10m. However, Fischer has hinted that its financial position would not allow it to participate in the issue. If Salinen Austria were to fund the capital increase on its own, this would result in a shift in the ownership structure.
FACC’s fortunes rise and fall with the performance of the aircraft industry, especially rival manufacturers Airbus and Boeing, both of which have postponed market launch of their new large planes. This would suggest that capacity utilisation levels at the Reichersberg / Austria facility built by FACC at a cost of EUR 40m specifically to supply composite components for the Airbus “A 350” and the Boeing “Dreamliner” are inadequate.
According to provisional figures for fiscal 2007/2008 (28 February), FACC had sales of around EUR 240m. The company has around 1,600 employees and expects to report sales of EUR 280m for the current fiscal year.
24.04.2008 Plasteurope.com 758 [210631]
Published on 24.04.2008
German version of this article...