By Cristina Roca 
 

French car parts maker Faurecia (EO.FR) said Monday that it has signed a memorandum of understanding to buy the 50% of SAS it didn't already own from Continental AG (CON.XE) for 225 million euros ($248.3 million) excluding cash.

SAS, a joint venture between Faurecia and Continental, is a key player in complex interior module assembly and logistics, the companies said.

SAS' sales should be around EUR700 million this year, and should

exceed EUR1 billion by 2024, Faurecia said. "Growth would be accelerated through regional and customer diversification particularly in China," the company said.

The deal is expected to close in early 2020.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

October 14, 2019 02:50 ET (06:50 GMT)