Faurecia today announced that it has entered into exclusive negotiations for a strategic partnership with Parrot Automotive, a leading supplier of infotainment and connectivity solutions for the automotive industry.
The technological expertise of Parrot Automotive combined with Faurecia’s global strategic customer relationships would make a powerful combination for applications and platforms for connected vehicles.
The completion of this project could result in Faurecia progressively taking control of Parrot Automotive. The first step would be an initial 20% participation in Parrot Automotive through a reserved capital increase based on an enterprise value of 100M€ for 100% of Parrot Automotive. At the same time Faurecia would subscribe to a convertible bond issued by Parrot SA which would allow Faurecia to increase its shareholding in Parrot Automotive to 50.01% from 2019. By 2022, Faurecia would also be in a position to own all of the shares in Parrot Automotive.
Patrick Koller, CEO of Faurecia said: “This investment in Parrot Automotive would give us a solid base in electronic applications and infotainment for connected vehicles. Combined with our interiors and HMI expertise, this partnership would enable us to offer a connected user experience with outstanding perceived quality.”
The automotive industry is undergoing a technological revolution in terms of connectivity and autonomous driving. Faurecia’s vision of the cockpit of the future, which it unveiled at the Paris Motor Show earlier this year, is that it will be:
- Connected, through smart HMI and integrated electronics that provide enhanced intuitive connectivity among people, vehicles and the outside world
- Versatile, for various occupant scenarios, with a focus on safety, well-being and comfort. Depending on the driving mode, occupants will be able to adjust their position in the cabin, and additional consoles and screens could become available;
- Predictive, for improved safety, comfort and convenience. The use of sensors and big data will allow the predictive cabin to develop the ability to anticipate, learn and adapt automatically to each occupant’s needs and situation.
This project is subject to consultation with the employee representatives of Parrot Group. It is expected to close in the first quarter 2017.
Faurecia is one of the world's largest automotive equipment suppliers with global leadership positions in three activities: Automotive Seating, Interior Systems and Emissions Control Technologies. Its strong technology offer provides automakers with solutions for the cockpit of the future and sustainable mobility. In 2015, the Group posted total sales of €20.7 billion and employed 103,000 people in 34 countries at 330 sites and 30 R&D centers. Faurecia is listed on the NYSE Euronext Paris stock exchange and trades in the U.S. over-the-counter (OTC) market. For more information, visit www.faurecia.com
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