French Firm Faurecia Unveils Chrysler deal

PARIS, July 8, 2003; Reuters reported that Europe's second-largest listed car parts maker Faurecia said on Tuesday it won a new contract to supply car parts to Chrysler in North America.

The deal is expected to bring the French firm's total revenues from the region to $1.8 billion by 2006, Faurecia said in a statement.

Faurecia posted North American sales of 1.228 billion euros in 2002, according to its annual report, equating to $1.59 billion at today's exchange rate.

Faurecia's stock rose sharply before the statement was issued, closing up 13 percent at 65.90 euros.

Faurecia said that under the new deal it would supply car seats and seat frames, dashboards, door panels and exhaust systems to the Chrysler group, a part of DaimlerChrysler AG.