Faurecia today signed the definitive agreement (Sales and Purchase Agreement) for the sale of its Automotive Exteriors Business to Plastic Omnium following the completion of the information and consultation procedures with the relevant employee representatives.
The transaction concerns the bumpers and front end modules business of Faurecia which had sales of €2 billion in 2015 and employs 7,700 people in 22 sites. The Entreprise Value of the transaction is € 665 million.
The appropriate filings will now be made by Plastic Omnium with the relevant antitrust authorities and the transaction is due to close during 2016.
This sale, combined with the early redemption by Faurecia of its convertible bond that was completed in January 2016, will almost completely eliminate Faurecia’s debt. The group will thus be able to accelerate investment in value-added technologies for sustainable mobility and enhanced life on board. The composite business of Faurecia is an integral part of its technology strategy for lightweight solutions and is thus not included in the deal with Plastic Omnium.
Faurecia is one of the world's largest automotive equipment suppliers with four Business Groups: Automotive Seating, Emissions Control Technologies, Interior Systems and Automotive Exteriors. In 2015, the Group posted total sales of € 20.7 billion. At December 31, 2015, Faurecia 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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