China's XAC takes over Austrian aircraft components builder

China's Xian Aircraft Industry group (XAC) has taken over Austrian
aircraft components builder FACC, an announcement said Saturday.
FACC said XAC, which provides the wings for Chinese-made Airbus
airliners, had taken a 91.25 percent stake in FACC. "After the
completion of the acquisition, a share capital increase will be
carried out, raising shareholders' equity from the current 40
million euros (56 million dollars) up to no less than 80 million
euros," an FACC statement said. "This primary equity capital raising
will assure the planned business development of FACC." FACC
specialises in parts for wings, engines and cabin furnishings, and
employs 1 ,580 people in Austria, Slovakia, Canada and the United
States. Turnover in 2008-9 was 264.2 million euros.