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Strategic management decisions/IPO
- One of the largest pure play composite Tier I suppliers aims for
listing on the regulated market of the Vienna Stock Exchange
- FACC is well positioned to benefit from the original equipment "super-
cycle" due to significant production share with respect to all modern commercial
aircraft programs and increased use of composite materials in new aircraft
- Global technological leadership, operational excellence and an
experienced management team form the basis for long-term market leadership
- J.P. Morgan and Morgan Stanley are managing the IPO as Joint Global
Coordinators and Joint Bookrunners
The globally active Tier I supplier of composite components and assemblies,
FACC, targets to be listed on the regulated market of the Vienna Stock Exchange.
The issuer will be FACC AG (currently Aerospace Innovation Investment GmbH, and
with the current FACC AG being converted into FACC Operations GmbH),
headquartered in Ried im Innkreis, Austria.
It is envisaged to place existing shares held by the current owner, FACC
International Company Limited, which is an indirect subsidiary of Aviation
Industry Corporation of China ("AVIC") as well as new shares from a capital
increase in the amount of EUR 150m. The shares will be publicly offered to
retail and institutional investors in Austria, and to institutional investors
internationally by ways of a private placement. FACC plans to use the expected
net proceeds from the capital increase to (i) fund future growth, (ii) enhance
the capability to develop complete primary structures, (iii) focus on innovation
for new aircraft programs, (iv) expand international cost-competitive sourcing,
and (v) pursue selected add-on-acquisition opportunities. Subject to market
conditions, the stock exchange listing is planned for 2014.
FACC develops and produces composite components for aerostructures, engines &
nacelles and cabin interiors of commercial aircraft. The company is
headquartered in Ried im Innkreis, Austria and employs around 3,000 people
worldwide. In 2009 Aviation Industry Corporation of China ("AVIC") acquired FACC
from its previous owners.
Walter Stephan, CEO of FACC, says: "The FACC management team and employees have
done an extraordinary job during the past years to develop our company into the
great enterprise it is today. Our unique position within the supply chain and
our global engineering and production footprint enables us to serve our clients
when and where they need us. The IPO is an important step in strengthening our
business proposition and comes at a time when our company is poised to
successfully grow into an independent future."
Geng Ruguang, a representative of AVIC adds: "Since our initial investment in
2009, we have worked alongside FACC in great partnership to develop the company
into an internationally respected supplier that stands out through its research
and development capabilities and hence the added value it can bring to all major
OEMs. Its best-in-class manufacturing and international presence, which is
recognized industry-wide, underlines FACC's established position in the sector
and the IPO will further permit the company to build upon these strengths."
FACC AG is one of the world's leading companies in the design, development and
production of advanced fibre reinforced composite components and systems for the
aviation industry. The range of products reaches from structural components for
the fuselage and wings over engine components to complete passenger cabins for
commercial aircraft, business jets and helicopters. FACC is a supplier to all
large aircraft manufacturers such as Airbus, Boeing, Bombardier, Embraer,
Sukhoi, and COMAC as well as for engine manufacturers and sub-suppliers of
manufacturers which makes the company one of the largest pure play composite
Tier I suppliers in the world.
Strong global market growth due to original equipment super-cycle
FACC is well positioned to benefit from the current commercial aerospace
original equipment "super-cycle" given its high exposure to the global
commercial aerospace market. In the coming years, demand for new aircraft will
be strengthened due to an expected steady increase in passenger traffic demand.
A currently old in-service fleet has further led to record order backlogs for
replacement aircraft. However, increasingly cost conscious airlines now demand
higher fuel savings, lower emissions and less maintenance requirements from
their new fleet. Due to the superior characteristics of composites, FACC's
products can seamlessly deliver on these end-customer needs and have hence lead
to increasing work-share for the company on major existing and new programs.
Technological leadership with strong focus on research & development
FACC continuously invests in its manufacturing capabilities and maintains more
than 4,000m2in designated testing, laboratory and R&D facilities. This has lead
to accelerated continuous development of the company's business proposition and
has hence enabled the company's transformation from a provider of single parts
into a manufacturer of complete structures. Today the company is one of the few
Tier I suppliers capable of delivering complete and tailor-made composite
aerostructures, engine and nacelle components and cabin interiors as turnkey
solutions which can be readily and seamlessly integrated into the customers'
Global engineering and production footprint to meet customers' needs worldwide
FACC operates five state of the art fully invested facilities in Ried, Austria.
In addition the company has engineering centers in North America, Canada and
Slovakia. Strategically placed international supply chain partners maximize the
companies reach and enable FACC to fulfill clients' needs globally. Partners
have benefitted strongly from FACC's expertise as the company has been leading
the plant construction and management efforts of all of its partners. As a
consequence, the installed highly efficient SAP based business architecture
connects FACC with its partners, customers and suppliers at all steps of the
manufacturing process and provides unique capabilities to manage material flow
and coordinate production globally from Austria. Therefore FACC is in a strong
position to deal with all international customer requirements (e.g. offset
In 2013/14 fiscal year, FACC generated sales of approximately EUR 547m and
EBITDA of around EUR 60m. Over the last three years sales and EBITDA have risen
by an average of 24.1% and 22.7%, respectively.
J.P. Morgan and Morgan Stanley will manage the IPO as Joint Global Coordinators
and Joint Bookrunners; Erste Bank and UBS have been mandated as Co-Bookrunners.
These materials may not be published, distributed or transmitted in the United
States, Canada, Australia or Japan. These materials do not constitute an offer
of securities for sale in the United States. The securities to which these
materials relate have not been registered under the U.S. Securities Act of 1933,
as amended (the "Securities Act"), and may not be offered or sold in the United
States absent registration or an exemption from registration under the
Securities Act. There will be no public offering of securities in the United
These materials are not an invitation nor are they intended to be an inducement
to engage in investment activity for the purpose of Section 21 of the Financial
Services and Markets Act 2000, as amended ("FSMA"). These materials are directed
only at (i) persons outside the United Kingdom; or (ii) persons in the United
Kingdom that are "qualified investors" within the meaning of Section 86(7) of
FSMA that are also (a) persons authorised under FSMA or otherwise having
professional experience in matters relating to investments and qualifying as
investment professionals under article 19 of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion
Order"); or (b) high net worth companies, unincorporated associations and other
persons to whom article 49(2) (a) to (d) of the Financial Promotion Order
applies; or (c) any other persons to whom these materials for the purposes of
Section 21 of FSMA can otherwise lawfully be made available (all such persons
together being referred to as "Relevant Persons"). Any person in the United
Kingdom that is not a Relevant Person should not act or rely on these materials.
The securities or any investment or controlled activity to which such securities
relate are only available to, and will be engaged in only with, Relevant
This document is for information purposes only and is not a prospectus.
Investors should not purchase or subscribe for any shares referred to in these
documents except on the basis of information in the prospectus to be published
in connection with the offering of such shares. The prospectus will be available
on the website of FACC (http://www.facc.com).
Some of the information in this press release may contain projections or other
forward-looking statements regarding future events or the future financial
performance of the Company. You can identify forward looking statements by terms
such as "expect," "believe," "anticipate," "estimate," "intend," "will,"
"could," "may" or "might," or, in each case, the negative of such terms or other
similar expressions. We wish to caution you that these statements are only
predictions and that actual events or results may differ materially. We do not
intend to update these statements to reflect events and circumstances occurring
after the date hereof or to reflect the occurrence of unanticipated events. Many
factors could cause the actual results to differ materially from those contained
in our projections or forward-looking statements, including, among others,
general economic conditions, our competitive environment, risks associated with
our industry, as well as many other risks specifically related to the Company
and its operations.
Further inquiry note:
Andrea Schachinger Andreas Schoberleitner
Corporate Communication Vice President Finance
Tel: 059/616-1194 Tel: 059/616-1322
E-Mail: email@example.com E-Mail: firstname.lastname@example.org
end of announcement euro adhoc
company: FACC AG
A-4910 Ried im Innkreis
sector: Industrial Components
stockmarkets: Regulated free trade: Wien