XAC buys Austrian aircraft interior supplier

10:24, October 10, 2009      

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Xian Aircraft Industry (Group) Company Limited (XAC) agreed to buy 91.25 percent of Austrian aircraft parts maker FACC AG on October 3, according to news on the website of China's Ministry of Commerce.

The agreement is currently waiting for approval from the Chinese government.

The deal is expected to be finalized at the end of the forth quarter of 2009. The FACC's previous shareholders will still have 8.75 percent of the company after the acquisition.

FACC, established in 1989, was a major interior supplier to aircraft makers including Boeing and Airbus, as well as Commercial Aircraft Corporation of China, China's jumbo passenger aircraft company. FACC reported a net loss of 19.6 million euros in the financial year 2008/09.

By People's Daily Online
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