AI assistant
Faurecia SE M&A Activity 2023
1321_iss_2023-10-02_ee0ceecf-a4ed-4dfb-9083-d1355c917bc9.pdf
M&A Activity
Open in viewerOpens in your device viewer
NANTERRE (FRANCE) OCTOBER 02 nd , 2023
FORVIA AND CUMMINS SUCCESSFULLY COMPLETE DEAL TRANSFERRING PARTS OF FORVIA'S COMMERCIAL VEHICLE BUSINESS IN EUROPE AND NORTH AMERICA TO CUMMINS
FORVIA confirms the successful completion of the transaction first announced on 23 May 2023 transferring designated parts of FORVIA's commercial vehicle exhaust aftertreatment business in Europe and in the United States, for a total transaction value of EUR 199.2 million, to its longstanding partner Cummins.
As part of this transaction, Cummins acquired two plants located in Roermond (Netherlands) and Columbus South (Indiana, USA) as well as their related programs. By integrating this business into its operations, Cummins expands its capabilities in providing innovative solutions for the commercial vehicle industry.
The decision to transfer this business to Cummins is part of FORVIA's strategy to focus on ultra-low emission solutions for light vehicles, where it is a leader in the market, and its hydrogen roadmap to bring a comprehensive portfolio of hydrogen storage solutions to market.
The closing of this transaction is the final step in the execution of the €1 billion asset disposal program that FORVIA announced in Q2 2022, which goal was to accelerate the deleveraging of the Group after the acquisition of a majority stake in HELLA.
PRESS
Christophe MALBRANQUE Group Media Relations Director +33 (0) 6 21 69 23 53 [email protected] Iria MONTOUTO Group Media Relations Officer +33 (0) 6 01 03 19 89 [email protected]
ANALYSTS / INVESTORS
Marc MAILLET Group Head of Investor Relations +33 (0) 1 72 36 75 70 [email protected]
Sébastien LEROY Deputy Investor Relations Director +33 (0) 6 26 89 33 69 [email protected]
About FORVIA, whose mission is: "We pioneer technology for mobility experiences that matter to people".
FORVIA, 7th global automotive technology supplier, comprises the complementary technology and industrial strengths of Faurecia and HELLA. With over 290 industrial sites and 76 R&D centers, over 150,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 14,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMS worldwide. In 2022, the Group achieved a consolidated revenue of 25.5 billion euros. FORVIA SE is listed on the Euronext Paris market under the FRVIA mnemonic code and is a component of the CAC Next 20 and CAC SBT 1.5° indices. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. www.forvia.com