Chinese aircraft market Xian Aircraft (XAC) and a Hong Kong private equity firm have finalised the purchase of Austria's FACC, giving XAC control of the Austrian company, which makes composite parts for commercial aircraft.
The two firms hold a joint 91.25% stake in FACC, says FACC. XAC holds 90% of the stake, private equity firm Advanced Treasure Limited holds 10%.
As part of the deal, originally announced in October, FACC's share capital has been increased by €40 million ($59 million).
FACC says its new ownership will provide its growth opportunities in the Asia Pacific as well as new capital. It will remain a standalone entity led by the current management team and CEO Walter Stephan, and its Austrian headquarters and 1,560 workers will be retained.
FACC CFO Bernard Matzner notes that the new ownership will help FACC hedge against a falling US dollar, as it will open the door to more outsourcing projects to China.