Faurecia appoints Citi as depositary for its sponsored Level 1 ADR program, targets $7 billion sales in North America in 2016
NEW YORK, Nov. 29, 2012 /PRNewswire/ -- Faurecia, the world's sixth largest automotive equipment supplier, today announced that it has appointed Citi as depositary bank for its sponsored Level 1 American Depositary Receipt (ADR) program. Faurecia's ADR program trades in the U.S. over-the-counter (OTC) market under the ticker FURCY, with each ordinary share - listed on the NYSE Euronext Paris stock exchange - comprised of two ADRs.
Yann Delabriere, Chairman and Chief Executive Officer of Faurecia, said, "Faurecia is experiencing strong growth in the dynamic North American automotive market, where we are targeting $7 billion sales in 2016 and a top five supplier position in the short term. Faurecia is committed to developing a strong shareholder base in the U.S. and looks forward to working closely with Citi to gain access to ADR investors."
Faurecia recently presented its strategy, its growth and profitability objectives for the 2012-2016 period. The Group aims to grow at 6-7 percent p.a. and reach sales of $28 billion in 2016. Within a weak European environment, Faurecia's growth strategy will focus on North America and Asia, with sales outside Europe growing from 37 percent in 2011 to 55 percent in 2016. Faurecia has announced its 2016 profitability objectives with an operating margin above 5 percent and a net debt to EBITDA ratio below 0.5x.
"Our strong customer portfolio, global industrial and R&D footprint, competitive cost base and technology leadership make Faurecia best-positioned to benefit from the globalization of the automotive market and industry technology changes," underlined Delabriere.
Related PRNewswire Releases News