The automotive supplier Faurecia, a Forvia group company that it created by buying Germany’s Hella, wants to sell its SAS Cockpit Modules division to the Indian group Motherson, a new stage in its extensive debt reduction program by 2025.
Faurecia “has received a firm and binding offer from the Motherson group to acquire 100% of its SAS Cockpit Modules division”, specialized in the assembly of complex modules for vehicle interiors, “based on an enterprise value of 540 million euros, the group said in a statement on Sunday.
This operation “would allow Forvia to refocus on its core business developing cutting-edge technologies and carry out our non-strategic asset disposal program of 1,000 million euros by the end of 2023,” said Patrick Koller, CEO of Faurecia, quoted in the statement. press.
Faurecia wants to get out of debt
After the acquisition of the equipment supplier Hella at the beginning of 2022, the group, the seventh largest automotive supplier in the world, plans to reduce its net debt to around 6,000 million euros by the end of 2025, compared to 8,400 million euros at 30 June 2022.
To carry out this plan, called “Power25”, Forvia sold its shares in the HBPO joint venture to the French group Plastic Omnium in July for 290 million euros.
On Thursday, the group also announced that it had entered into exclusive negotiations with Cummins over the sale this time “of part of its commercial vehicle exhaust aftertreatment business in Europe and the United States,” based on an enterprise value of $150. millions of euros”.
Forvia’s declared strategy is to “focus on its activities related to ultra-low emissions for light vehicles (…), while accelerating its Hydrogen roadmap, a key element of zero-emission mobility,” the group had justified. Thursday.
Source: BFM TV
