The European Commission has now approved the sale of Faurecia Automotive Exteriors to Plastic Omnium, subject to a commitment from Plastic Omnium to divest all of the bumper business in France and a site in Spain as well as the front end module business in Germany.
This business represents sales of EUR700m (US$775.890m) out of the total business sold by Faurecia of EUR1.9bn. In organising the divestiture, Plastic Omnium will seek the best solution for the future of the sites, the employees and the customers.
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The closing of the deal is due to take place on 29 July 2016 for the entire perimeter sold by Faurecia. The enterprise value is EUR665m. The divestiture commitment made by Plastic Omnium has no impact on the sale of the business by Faurecia or on the amount of the transaction.
This sale will almost completely eliminate Faurecia's debt. The group will thus be able to accelerate investment in value added technologies for sustainable mobility and the cockpit of the future.
