View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
April 19, 2016updated 09 Apr 2021 9:53am

Faurecia inks Exteriors sale to Plastic Omnium

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.

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.

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.” 

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Monday. The industry's most comprehensive news and information delivered every quarter.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Just Auto