China's XAC takes over Austrian aircraft builder

October 04, 2009 10:01:54 AM

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China's Xian Aircraft Industry group (XAC) has taken over Austrian aircraft components builder FACC, an announcement said Saturday.

FACC said XAC, which provides the wings for Chinese-made Airbus airliners, had taken a 91.25 percent 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 (56 million dollars) 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 specialises in parts for wings, engines and cabin furnishings, and employs 1,580 people in Austria, Slovakia, Canada and the United States.

Turnover in 2008-9 was 264.2 million euros.