China’s Xi’an Aircraft Industry (Group) Company (XAC) and Hong Kong-based Advanced Treasure Limited (ATL) have acquired a majority stake in Austrian aerospace supplier FACC AG.

Following the acquisition, XAC and ATL became the majority owner of 91.25% of FACC shares, where XAC holding 90% and ATL holding 10% shares, according to FACC.

Out of the remainder, 5% of the shares have been retained by Austrian holding firm ACC Kooperationen und Beteiligungen GmbH, while 3.75% has been acquired by Stephan Ges.mbH.

With the takeover, FACC will get access to fresh capital of $58m (€40m), injected by XAC, and the opportunity to reach out to the fast growing markets of China and the Asia-Pacific region.

FACC’s position among the tier 1 suppliers will also receive a boost with the increase in share capital, following its takeover.