NANTERRE (FRANCE)
MAY 16, 2023
FORVIA CONFIRMS THE SUCCESSFUL PROGRESS OF ITS ASSET DISPOSAL PROGRAM WITH THE ENTRY OF STELLANTIS IN SYMBIO'S CAPITAL
With the acquisition by STELLANTIS of a stake in SYMBIO (a joint venture between Faurecia and MICHELIN), confirmed this morning in a joint press release by the three partners, Faurecia will receive a total amount of €150 million which will contribute to its €1 billion asset disposal program by the end of 2023. This asset disposal program includes two other operations already announced, representing together a cumulated enterprise value of almost €700 million:
- The sale of Faurecia's SAS Cockpit Modules division (assembly and logistics services) to the Motherson Group, announced on February 19, is currently subject to regulatory approvals and the closing is expected early Q3 2023.
- The sale of part of Faurecia's commercial vehicle exhaust gas aftertreatment business in Europe and the United States, announced on February 16, is currently under exclusive and final negotiations with Cummins.
These three operations are in addition to the two transactions already closed, the sale by Faurecia of its Interiors business in India to TAFE and the sale by HELLA of its stake in HBPO.
FORVIA confirms it will deliver its €1 billion asset disposal program by the end of 2023. Those divestments contribute to FORVIA’s net debt reduction, its top priority following the acquisition of a majority stake in HELLA at the end of January 2022.
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