Austria's FACC to go public, probably in Asia

16:19, March 11, 2011      

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FACC, an Austrian civil aircraft and helicopters composite components producer, is preparing to go public, probably in Asia, announced the company on Thursday.

FACC was taken over by Chinese Xi'an Aircraft Industry (Group) Company Ltd. (XAC) in December 2009.

The company's financial statements showed that in fiscal year 2010/11 (till the end of February), it achieved an annual sale of 265 million euros (about 368.36 million U.S. dollars) to 268 million euros. Its operating margins reached 21.5 million euros, an increase of around 87 percent over 2009/2010.

FACC's CEO Walter Stephan is very optimistic about the company' s development in the current fiscal year and the following years.

"We see the drastically increasing demand of all our customers, " he said.

The company's sales were expected to grow by 20 percent this year and in five years reach the 1-billion mark. In addition to the Chinese market, export to Russia will also play an increasing role, as it already consumed 10 percent of FACC's products.

Source: Xinhua

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