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Growth Strategy
Corporate
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Business Review
Corporate Policies
Management’s
Discussion
and Analysis
Statistics
Following the major acquisition of Sommer Allibert’s automotive operations in 2001, Faurecia
spent 2002 implementing an optimized organization for its new scope of business.
The strategy now being implemented is designed to meet three objectives:
• Drive over-market growth with a focus on six critical automotive modules: seats, cockpits, door
panels, acoustic systems, front-end assemblies and exhaust systems.
• Enable the company to consolidate the position of each of these businesses among the
global leaders, thanks to superior innovative capabilities, a global manufacturing base and the
balanced development of business among the world’s top carmakers.
• Restore margins and maintain them among the highest in the industry, by leveraging scale
economies from recent acquisitions, enhancing industrial efficiency and carefully managing
new product development programs.
BUSINESS REVIEW
2002 was another year of strong business
growth, particularly in car seats. At a time
of declining carmaker production volumes,
the growth reflected further market share
gains among Faurecia’s main customers
and the high percentage of its products
on popular models.
In car seats, where Faurecia is the European
leader and number three worldwide, sales
rose 14.6% to €4,032 million, lifted by the
growing output of recent models and
production start-ups in Europe and the
United States. In addition to the Deeside
plant to serve General Motors, five other seat
module facilities were opened during the
year, in Vigo, Spain; Neuerstadt, Germany;
Wuhan, China; Vesoul, France; and Golçuk,
Turkey. The year also saw the ramp-up of
manufacturing operations in Poland and the
creation of a 51%-owned joint venture with
GSK, a Taiwanese OEM, to produce seats in
Wuhan, China.
Sales of other vehicle interior modules rose
5% to €3,463 million, also led by the
strong growth in sales or the start-up of
production of the cars they equip. These
modules include cockpits, door panels and
components—three areas in which
PSA PEUGEOT CITROËN - MANAGING BOARD REPORT 53