Plastic Omnium buoyed by automotive division, announces major growth plans

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Plastic Omnium SA has reported a 20.7% year-on-year growth in revenue at €5.9bn for the first nine months of the year 2017, thanks to its automotive division.

Despite a currency headwind of €24.3m, the French automotive supplier attributed the sharp increase to its automotive division, which it said outperformed market growth and the exteriors systems it acquired in July 2016. 

In the nine months to end of September, automotive revenue for the company stood at €5.65bn, up 22.6%, and 11.8% at constant scope and exchange rates.

Plastic Omnium said the unit outperformed by 9.1 points the global automotive production growth, which according to IHS Oct 2017 rose at the rate of 2.7%.

“This shows the solidity of the order book, with the confirmation of gains in market shares, the ramp-up of new capacities (in Mexico and the UK), and the success of the portfolio of innovative products,” the French supplier added.

Additionally, the group said it continued its investments in the third quarter in line with its €2.5bn major investment programme for 2017-2021.

The programme includes four new plants – one in China, one in India, and two in the US – which are set to be launched in 2018. The US facilities include the Greer plant in South Carolina which is pilot plant for the deployment of Industry 4.0 of the future within the Group.

Additionally, the group aims to launch three plants in 2019 in India, Morocco and Slovakia.

An advanced research centre focused on new energies – hybrid, hydrogen, fuel cell – is also set to open in Brussels, in early 2019, with 200 engineers.

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