China’s Xi’an Aircraft Industry has become the majority owner of Austrian aviation supplier FACC.
In a statement on its website, FACC said stockholders of the two companies signed an acquisition agreement that, once completed, will give XAC 91.25% of FACC shares. No price was disclosed.
The transaction, which still needs regulatory approval, is expected to be concluded by the end of the fourth quarter.
"XAC and FACC complement each other very well," FACC CEO Walter Stephan said in the statement, adding that XAC had guaranteed it would maintain the company’s Austrian locations and work force. Its name will also remain unchanged.
Washington Examiner reports that FACC AG, headquartered in the Austrian town of Ried, specializes in the development, design and production of components and systems for civil aircraft, including complete cabins. Its customers include Airbus, Boeing and Bombardier Aerospace. The illustration is the cover of the house magazine.