UPDATE 1-Faurecia set for higher 2010 growth – CEO

* CEO confirms higher H1 growth forecast

* Shares up around 8 pct

(Adds details from shareholders’ meeting, CEO comments)

PARIS, May 26 (BestGrowthStock) – French car parts maker Faurecia
(EPED.PA: ) will achieve 2010 sales growth significantly above the
4 percent it previously predicted after a first-quarter rebound
continued in the second quarter, its chief executive said.

Yann Delabriere also confirmed on Wednesday that the group
should see a rise of at least 30 percent in the first six months
of the year.

The car parts maker was hit along with the rest of the
automobile industry by a severe crisis in the early part of last
year and is waiting to see the impact as governments end
scrapping schemes introduced to support car sales.

“Overall we will certainly be significantly above our
forecast made at the beginning of the year for the year as a
whole. We will be significantly, probably very significantly
above,” Delabriere told shareholders at an annual meeting.

“By how much? I think we have to wait to have visibility on
the second half in Europe to be more precise, so we will update
our vision of the whole year and of the second half when we
publish our results at the end of July,” he added.

Faurecia, which is 57.4 percent owned by French carmaker PSA
Peugeot Citroen (PEUP.PA: ), is due to publish first-half results
on July 22.

The company had already raised its forecast for the first
half in April when it published first-quarter sales, saying it
expected 28-30 percent growth. [ID:nLDE63I03W]

“I am able to confirm that our sales for the first half will
see a rebound of at least 30 percent,” Delabriere said on

The outlook for the second half is less clear, as scrapping
schemes run out, the CEO said.

“For activity in the second half of the year … we know in
Europe that the end of the different government support
programmes for the car industry will have a negative impact,” he

The group will look to other areas for growth. It recently
bought U.S.-based Emcon, for example.

“The rebound in North America is well underway and emerging
countries, which represent a growing part of our activities, are
very dynamic,” he said.

By 1035 GMT, Faurecia shares were 7.75 percent higher at
11.95 euros, against a 2.2 percent firmer CAC-40 index (.FCHI: ).


(Reporting by Gilles Guillaume; Writing by Helen
Massy-Beresford; Editing by James Regan)

UPDATE 1-Faurecia set for higher 2010 growth – CEO