FAURECIA SIGNED AN AGREEMENT TO TRANSFER TO CUMMINS A PART OF ITS COMMERCIAL VEHICLE BUSINESS IN EUROPE AND IN THE UNITED STATES
23 Maggio 2023 - 8:30AM
FAURECIA SIGNED AN AGREEMENT TO TRANSFER TO CUMMINS A PART OF ITS
COMMERCIAL VEHICLE BUSINESS IN EUROPE AND IN THE UNITED STATES
FAURECIA SIGNED AN AGREEMENT TO TRANSFER TO CUMMINS A PART OF
ITS COMMERCIAL VEHICLE BUSINESS IN EUROPE AND IN THE UNITED
STATES
Following an exclusive negotiations phase,
Faurecia, a FORVIA Group company, and Cummins have signed a Share
and Asset Purchase Agreement under which Faurecia will sell a part
of its commercial vehicle exhaust aftertreatment business in Europe
and the US to Cummins for an enterprise value of 142EUR million
after final technical adjustments.
The agreement transfers two Faurecia
manufacturing plants located in Roermond, the Netherlands and
Columbus, Indiana, USA and their associated activities to
Cummins.
It secures the integration of these plants and
their employees into Cummins’ worldwide operations, ensuring their
long-term viability. This enables Faurecia to focus on its exhaust
activities on light vehicle ultra-low emission systems and its
hydrogen roadmap.
Faurecia’s Clean Mobility activities in commercial vehicles
exhaust and aftertreatment in other regions, mainly in China and
India, will continue.
Patrick Koller, CEO of Faurecia, declared: “I
welcome the signing of this agreement with our longstanding partner
Cummins. The transfer of these plants and their activities to
a trusted engine manufacturer is good news for the plants long term
viability and I am confident our employees and the business will
succeed under Cummins ownership. This transfer enables Faurecia to
focus on its leadership positions in the market in ultra-low and
zero emission including hydrogen solutions. The proceeds from
this transaction will contribute to FORVIA’s asset disposal program
of €1 billion by the end of 2023, part of its Power25 Plan.”
The closing of this transaction is subject to
regulatory approvals and employee representative information and is
expected before the end of the year.
- New announcement in FORVIAs asset disposal program
Grafico Azioni Faurecia (BIT:EO)
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Grafico Azioni Faurecia (BIT:EO)
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Da Mag 2023 a Mag 2024
