Fuyao Glass America has turned around its Moraine plant and is now profitable, the company says in its 2017 annual report.
In 2017, Fuyao Glass America Inc. (including its wholly-owned subsidiaries) recorded an operating revenue of $318,996,700 and a net profit of $754,500, “achieving a turnaround from loss to profit,” the company said in its annual report, recently released in English.
Fuyao, which has about 2,000 employees in Moraine, operates the world’s largest auto glass production site off Stroop Road and Ohio 741.
In its 2016 annual report, Fuyao said its Moraine operation lost $41 million. A team of executives at the plant was replaced in November 2016.
The company invested about $114 million in 2017 into the site and a companion glass supply plant in Mount Zion, Ill., and the accumulated actual investments of the company amounted to $768 million total as of Dec. 31, 2017, the manufacturer said.
The investments were mainly funded by “proceeds from fund raising and borrowings of the company,” Fuyao said.
“Currently, the designed capacity of each of Fuyao Glass America Inc. and Fuyao Illinois Inc. has been fulfilled,” Fuyao also said in its report.
“The company plans to complete the construction of production facilities with an annual capacity of 22 million square meters of automotive safety glass (excluding encapsulation facilities with an annual capacity of 1.08 million square meters) in Moraine … and construct the production line for high quality automobile float glass in Mt. Zion, Ill.,” the company also said in the report.
Chinese-owned Fuyao bought a former General Motors Assembly plant in Moraine for $15 million in May 2014 and began restructuring the property there almost immediately.
Fuyao Glass Industry Group, the overall global parent company, saw revenue of 18.7 billion Reminbi (nearly $3 billion), a 12.6 percent rise compared to 2016, while also realizing profit before tax of nearly 3.7 billion RMB (about $588 million), a decrease of 6.1 percent.