China's XAC Takes Over Austrian Aircraft Components Builder

Xian Aircraft Industry (XAC) provides the wings for Chinese-made Airbus airliners.

Xian Aircraft Industry group (XAC) has taken over Austrian aircraft components builder FACC, an announcement said on Oct. 3

FACC said XAC, which provides the wings for Chinese-made Airbus airliners, had taken a 91.25% stake in FACC.

"After the completion of the acquisition, a share capital increase will be carried out, raising shareholders' equity from the current 40 million euros ($US56 millio) up to no less than 80 million euros," an FACC statement said. "This primary equity capital raising will assure the planned business development of FACC."

FACC specializes in parts for wings, engines and cabin furnishings, and employs 1,580 people in Austria, Slovakia, Canada and the United States.

Sales in 2008-9 was 264.2 million euros.

Copyright Agence France-Presse, 2009

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