China's XAC Is Majority Owner Of Austria's FACC

China's Xi'an Aircraft Industry (Group) Company Ltd. has become the majority owner of Austrian aviation supplier FACC AG, the Austrian company said Saturday.

In a statement on its Web site, FACC said stockholders of the two companies signed an acquisition agreement that, once completed, will give XAC 91.25 percent 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.

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.

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On the Net:

FACC AG: http://www.facc.at/en/start/index.asp