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FACC AG

EANS-Adhoc: FACC AG
Acquisition of FACC finalised ISIN: AT0000A05TW8

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.
03.12.2009
Acquisition of FACC finalised
• FACC to accelerate growth under new ownership
    • Customers of FACC welcome the change of ownership
    • A share capital increase of 40 million Euros is carried out
Ried/Vienna - 3. December 2009 - The acquisition of the majority of 
FACC AG by the international aerospace company Xi´an Aircraft 
Industry (Group) Company Ltd. (XAC) and the private equity company 
Advanced Treasure Limited (ATL), announced in October, was finalised 
today: XAC, headquartered in Xian (China), and ATL, headquartered in 
Hongkong, now formally are the majority owners of FACC AG, holding 
91.25% of the shares of the leading Austrian aerospace supplier in 
which XAC holds 90% and ATL holds 10% shares. 5% remain in the 
possession of the Austrian holding company ACC Kooperationen und 
Beteiligungen GmbH and 3.75% are owned by Stephan Ges.mbH.
After all conditions for the transaction closing have been cleared by
both sides, the majority acquisition by XAC has today been formally 
completed. Following the closing of the transaction today, the newly 
formed supervisory board will now take up its function. It consists 
of four representatives of the new owner, one member from Goodrich 
Corporation, one from Beijing Institute of Aeronautical Materials 
(BIAM), and three representatives of the FACC works council. All 
former supervisory board members have resigned.
Growth strategy The new owner will reinforce the successful 
international growth strategy that FACC persecuted under the former 
owners and provide the company access to new capital as well as to 
the fast growing markets of China and the Asia-Pacific region. FACC 
will remain a stand-alone independent corporate entity with the 
current management team under the leadership of CEO Walter Stephan. 
The headquarters in Ried im Innkreis and the other Austrian and 
international locations with a workforce of 1,560 people will be 
retained.
Management committed to new ownership The management of FACC is fully
committed to the new ownership structure and the opportunities it 
presents for future business development. Walter Stephan, CEO of FACC
AG, will remain invested in the company and says: "In the past years,
FACC has achieved impressive development. XAC will strengthen our 
position as an internationally successful development and systems 
supplier to the OEMs and first tiers in the aviation industry. This 
is an unique opportunity to step up the growth path, supported by the
new owner. XAC has a long-term strategic interest in the aviation 
industry, has excellent contacts in the growth market of China and 
long-term commitment to FACC and its customers. "
Share Capital Increase Dr. Bernhard Matzner, CFO of FACC AG, 
underlines that the partnership with XAC provides access to the huge 
Chinese market and at the same time offers opportunities to increase 
the share of USD based manufacturing by outsourcing projects to China
which will also lead to a better hedge against the ever weakening 
dollar. In addition, the share capital increase will significantly 
strengthen the company's position among the Tier 1 suppliers.
FACC and XAC combine their strengths FACC and XAC enter into this 
strategic partnership  with  the  goal  to  provide high-quality, 
cost effective solutions to the global aviation industry. The  two 
companies combine their individual strengths. On one hand,  FACC  as 
a  Tier  1 supplier  has  an  established  global  customer  base,  
an  extensive   product portfolio - including the new aircraft 
programs - and  a  well-developed  supply chain and is among the 
market leaders in  composite  design  and  manufacturing. Moreover, 
FACC is very well represented on the European and American market.
XAC, on the other hand, plans to make high investments in the 
aviation sector  - both in the form of the above mentioned share 
capital increase  as  well  as  in new programs and technologies. The
Chinese aviation company offers a  favourable operating cost 
structure and production capacity in a USD based region. XAC  has 
many years experience in the manufacture of wings and  side  
stabilizers.  Being located in the fast-growing Chinese aviation 
market, for which in  the  next  20 years a demand for more than 
3,000 new aircraft is  projected,  offers  a  great business 
potential.
Globally positioned FACC and XAC are forging a partnership to provide
the  worldwide  customers  in the aerospace market a wide range of 
business offerings  that  are  based  on  a global network of 
engineering, manufacturing and customer support sites as  well as 
supply chain partners in Europe, China, Malaysia, India and Abu  
Dhabi.  This creates an ideal condition to best meet customer needs 
and to  provide  leading- edge technology for ready-to-install 
solutions. FACC wants  to  be  a  preferred Tier 1 supplier to OEMs 
for aerostructures, engine and  nacelle  components  and interior 
furnishings. The objectives of FACC are to  provide  turn-key  
business solutions ranging from risk-sharing  participation  through 
program  financing, R&D, engineering, to industrialization and global
sourcing networks;  to  expand market share by emphasizing  the  
research  and  engineering  resources  and  to
support the specified growth plans by enlarging the client  base.  Another  goal
is to continuously improve the production processes in order  to  maintain  cost
leadership. An  experienced  management  and  financial  stability  ensure  that
customer expectations are met or exceeded.
About XAC
As part of the AVIC  group,  XAC  is  a  large,  global  industrial  group  with
headquarters  in  Xi´an,  China.   XAC  specializes  in  the   development   and
manufacture of large and medium-sized aircraft.  As a supplier of  
the  fuselage and the wing, the majority-owned subsidiary of XAC, 
Xi´an Aircraft International Corporation ("XAIC") is  heavily  
involved  in  the Chinese regional jet program ARJ21.  XAIC will also
play a significant  role  in the development and production of the 
planned medium-range aircraft C919.  Since 1980, XAC has been a 
supplier to international customers, including  Boeing  and Airbus, 
for various structural components such as A320 wing box and  the  
Boeing 737 vertical fin.  Further information can be found under 
www.xac.com.cn.
About FACC FACC AG is  one  of  the  world´s  leading  companies  in 
the  development  and production of advanced fibber reinforced 
composite components  and  systems  for the  aviation  industry.  
Their  product  portfolio   ranges   from   structural components  
for  the  fuselage  and  wings  to  engine  components  to  complete 
passenger cabins for passenger planes, business jets and helicopters.
FACC is  a supplier  to  all  large  aircraft  manufacturers  such   
as   Airbus,   Boeing, Bombardier, Embraer and ACAC as  well  as  for
engine  manufacturers  and  sub- suppliers of manufacturers. Further 
information can be found under www.facc.at.
For further information please contact:
Walter A. Stephan
CEO, FACC AG
Tel: 059-616-1100, E-Mail:  w.stephan@facc.at
Andrea Schachinger
Corporate Communication
Tel: 059/616-1194, E-Mail:  a.schachinger@facc.at
www.facc.at
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end of announcement                               euro adhoc

Further inquiry note:

Dr. Bernhard Matzner
Chief Financial Officer/FACC AG
Tel. 059-616-1324
b.matzner@facc.at

Branche: Industrial Components
ISIN: AT0000A05TW8
WKN:
Börsen: Wien / Regulated free trade

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