Faurecia has finalized and signed its strategic partnership with Parrot Automotive which will allow the Group to accelerate development of electronic solutions for the connected vehicle. Parrot Automotive, an automotive connectivity and infotainment specialist, will benefit from new growth opportunities through Faurecia’s strategic relationship with its customers.
Patrick Koller, Chief Executive Officer of Faurecia, said: “The partnership with Parrot Automotive is a unique opportunity to accelerate development of our product offer for the Cockpit of the Future. Combining expertise and technology of the two companies will enable us to offer our customers innovative products for autonomous and connected vehicles.”
With Faurecia technologies the Cockpit of the Future will be:
- Connected, thanks to a smart man-machine interface and onboard electronics providing intuitive connectivity between the occupants, the vehicle and the outside world
- Versatile, combining safety, well-being and comfort. Depending on the mode selected, the driver will be able to adjust his position in the cockpit and have additional consoles and screens, all in complete safety
- Predictive, improving safety, comfort and user-friendliness. Data captured by Faurecia inside the vehicle will be used to anticipate, learn and adapt to the specific needs of each occupant.
In addition, this partnership could enable Faurecia to gradually take control of Parrot Automotive. Initially, it will acquire a 20% share through a capital increase reserved for Faurecia based on a corporate value of €100 million for 100% ownership of Parrot Automotive. At the same time, Faurecia will subscribe to a bond issued by Parrot SA, convertible into Parrot Automotive shares, which could increase Faurecia’s stake in the company to 50.01% from 2019, in case of conversion. By 2022, Faurecia could be in possession of all Parrot Automotive shares.
Faurecia is one of the world's largest automotive equipment suppliers, with three key Business Groups: Seating, Clean Mobility and Interiors Systems. In 2016, the Group posted total sales of €18.7 billion. At December 31, 2016, Faurecia employed 100 000 people in 34 countries at 300 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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