Faurecia has signed the definitive contract (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 relevant employee representatives.
The transaction involves the bumpers and front end modules business of Faurecia, which had sales of EUR2bn (US$2.3bn) in 2015 and employs 7,700 people at 22 sites.
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The enterprise value of the transaction is EUR665m and appropriate filings will now be made by Plastic Omnium with relevant antitrust authorities and the transaction is due to close during 2016.
The sale, combined with the early redemption by Faurecia of its convertible bond, which was completed in January this year, 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,” notes a Faurecia statement.
“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.”
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