Business Services Industry
Faurecia may buy to grow, but only if it fits plan.
Crain's Detroit Business, January, 2007 by Snavely, Brent
Byline: Brent Snavely James Orchard, president of Faurecia North America, said the French interiors supplier may consider acquisitions as it increases its market share, but the company will be selective and plans to grow mostly by winning additional contracts with the Big Three. "Because of a lot of the distress in the supplier market - particularly in this region - we see that as advantageous for Faurecia to grow, and possibly grow inorganically,'' Orchard said.
"But we are not going to do so on a stupid basis. I don't subscribe to the Stockman model, so we are not going to do that.'' The "Stockman model'' is a reference to former Reagan administration budget director David Stockman who raised billions of dollars through private-equity firm Heartland...
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