FORVIA MAKES FURTHER PROGRESS IN THE EXECUTION OF ITS SECOND €1BN ASSET DISPOSAL PROGRAM
15 Aprile 2024 - 6:00PM
FORVIA MAKES FURTHER PROGRESS IN THE EXECUTION OF ITS SECOND €1BN
ASSET DISPOSAL PROGRAM
NANTERRE (FRANCE)APRIL 15,
2024
FORVIA MAKES FURTHER PROGRESS IN THE
EXECUTION OF ITS SECOND €1BN ASSET DISPOSAL PROGRAM WITH AN
AGREEMENT TO SELL HUG ENGINEERING
Following FORVIA HELLA’s announcement, on April
2, of the closing of the sale of its 50% stake in BHTC to AUO
Corporation, representing €205 million of cash proceeds, FORVIA
today makes further progress in the execution of its second €1
billion asset disposal program by announcing an agreement to
transfer its 100%-owned subsidiary Hug Engineering to the Belgian
OGEPAR Group for an enterprise value of c. €55 million. Hug
Engineering is a major player in depollution systems for high
horsepower engines, currently part of FORVIA’s Clean Mobility
business group.
Combined proceeds from the closing of the
disposal by FORVIA HELLA of its stake in BHTC and expected proceeds
from the newly signed transaction, whose closing is expected by the
end of June 2024, should represent a total amount of c. €250
million of cash proceeds or c. 25% of the second disposal program
for €1 billion that was announced by FORVIA in October 2023,
designed to accelerate the Group’s deleveraging.
As a reminder, in less than two years, between
the acquisition of HELLA in February 2022 and the end of 2023,
FORVIA had already significantly reduced its net financial debt by
€1.4 billion and its Net debt/Adjusted EBITDA ratio by 100bps (from
3.1x at the end of June 2022 to 2.1x at the end of December
2023).
Today’s announcement will contribute to reduce
the Group’s financial expense and accelerate deleveraging, while
further strengthening and simplifying the Group’s portfolio.
The second disposal program will contribute
improving the Groups’ Net debt/Adjusted EBITDA ratio objective
beyond the “below 1.5x at December 31,2025”, that was part of the
POWER25 plan presented at the Capital Markets Day in November
2022.
|
PRESS |
ANALYSTS/INVESTORS |
|
Christophe MALBRANQUEGroup Influence Director+33
(0) 6 21 96 23 53christophe.malbranque@forvia.com |
Marc MAILLETGroup Head of Investor Relations +33
(0) 1 72 36 75 70marc.maillet@forvia.com |
|
Iria MONTOUTOGroup Media
Relations +33 (0) 6 01 03 19 89iria.montouto@forvia.com |
Sébastien LEROYGroup Deputy
Investor Relations Director+33 (0) 6 26 89 33
69sebastien.leroy@forvia.com |
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 around 260 industrial sites and 78 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
13,000 patents, FORVIA is focused on becoming the preferred
innovation and integration partner for OEMS worldwide. In 2023, the
Group achieved a consolidated revenue of 27.25 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
- 2024 04 15 AGREEMENT TO SELL HUG ENGINEERING
Grafico Azioni Forvia (BIT:1FRVIA)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Forvia (BIT:1FRVIA)
Storico
Da Dic 2023 a Dic 2024
