PARIS: A French investment fund made up of six insurers has agreed to buy 350 million euros in shares of Zodiac Aerospace, said the fund and the company in separate statements.
Fonds Strategique de Participations includes BNP Paribas Cardif, CNP Assurances, Credit Agricole Assurances, Sogecap which is part of Societe Generale, as well as two new members, Groupama and Natixis Assurances.
Zodiac Aerospace, which manufacturers seats and equipment for airplane interiors, has struggled in recent months with production delays and slumping profits.
Chief Executive Olivier Zarrouati welcomed the fund’s arrival, saying that it would increase the stability of the shareholder base and create long-term value.
Zodiac is controlled by family owners, which hold 38.5 percent of voting rights, according to the company website.
Shares rose 0.6 percent to 33.43 euro at 0736 GMT.
