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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Faurecia    EO   FR0000121147

FAURECIA

(EO)
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Faurecia : wins Ohio incentives for Jeep interior production

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09/24/2018 | 11:04pm EDT

Sept. 25--A midsize Jeep pickup truck coming soon to the Toledo Assembly Complex has lured another parts supplier to the region.

The Ohio Tax Credit Authority has approved incentives for Faurecia Interiors, which is expected to create 101 jobs at a factory being built in the Overland Industrial Park.

Faurecia will produce instrument panels at Overland beginning in April, Faurecia spokesman Misty Matthews said.

The instrument panels are for a new midsize Jeep pickup that Fiat Chrysler Automobiles is scheduled to begin assembling early next year, said Paul Toth, president of the Toledo-Lucas County Port Authority, which is leasing the land upon which the Faurecia plant is being built.

Faurecia, whose North American headquarters is in Auburn Hills, Mich., is one of the world's largest makers of vehicle interiors. The company is a minority owner of Detroit Manufacturing Systems, a joint venture that makes instrument panels in the Overland park for the Jeep Wrangler.

Faurecia's employees in Toledo are expected to generate annual payroll of about $4.3 million, the state of Ohio said in a release Monday. The approved tax credits are expected to save Faurecia about $351,000 over seven years, subject to Faurecia creating the number of jobs proposed.

Developer Ed Harmon is building the facility for lease to the component supplier.

Once the Jeep midsize pickup begins production in the first half of 2019, the Toledo Assembly Complex will build all Jeep Wranglers for worldwide consumption in the complex's north plant and the pickup in the south factory.

The Wrangler plant employs about 5,000 hourly employees represented by UAW Local 12 and another 1,000 salaried employees. An additional 1,300 laid-off UAW members are awaiting recall when the Jeep truck plant begins production.

Contact David Barkholz at dbarkholz@theblade.com, 419-724-6134, or on Twitter @barkholzatAN.

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(c)2018 The Blade (Toledo, Ohio)

Visit The Blade (Toledo, Ohio) at www.toledoblade.com

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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EBIT 2019 1 311 M
Net income 2019 704 M
Debt 2019 2 174 M
Yield 2019 3,72%
P/E ratio 2019 7,08x
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EV / Sales2019 0,38x
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Technical analysis trends FAURECIA
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Spread / Highest target 131%
Spread / Average Target 38,5%
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Patrick Koller Chief Executive Officer & Director
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