France-based automotive exterior parts and fuel systems provider Plastic Omnium is increasing its industrial network in China to tap into the world's leading automotive market.
After commissioning four new plants last year, the company said it will launch another four in 2015-16, increasing its network in China to 25.
"We aim to improve our operation revenue to reach 1 billion euros ($1.08 billion) in China by 2018", said Laurent Burelle, chairman and CEO of Plastic Omnium.
First entering China in 2007, the company is now established in seven major Chinese auto production areas (Shenyang, Beijing, Yantai, Shanghai, Wuhan, Guangzhou and Chongqing).
It also works with nearly all of the world's carmakers and has expanded its portfolio through new contract wins with Volvo-Geely, FCA (Fiat Chrysler) Group and Daimler Group.
The company hopes that by 2018 its market share of bumpers will rise to 25 percent from the current 18 percent, with its fuel systems rising to 15 percent from the current 8 percent in China.
To meet these goals, it has employed 500 engineers and technicians in China, who are currently developing more than 100 new programs catering to the Chinese market, it said.
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