Faurecia to acquire remaining 50% of SAS joint-venture to expand systems integration offer to cover all interior modules
14 Octobre 2019 - 7:30AM
Faurecia to acquire remaining 50% of SAS joint-venture to expand
systems integration offer to cover all interior modules
Nanterre, France,14 October, 2019
FAURECIA TO ACQUIRE REMAINING 50% OF SAS
JOINT VENTURE TO EXPAND SYSTEMS INTEGRATION OFFER TO COVER ALL
INTERIOR MODULES
Faurecia today announced that it has signed a
Memorandum of Understanding to acquire the remaining 50% of its SAS
joint venture from Continental. This joint venture was established
in 1996 and has become a key player in complex interior module
assembly and logistics. The company employs 4,490 people in 19
facilities in Europe, North America and South America. Sales
are expected to show strong growth in 2019 and should reach around
€700 million (IFRS15).
This project would expand Faurecia’s systems
integration offer to cover all interior modules as well as
Faurecia’s new product lines such as displays, electronics, sensors
and thermal management. The addition of SAS core competences in
systems integration and complexity management would also strengthen
Faurecia’s Just in Time plant network.
This project would be immediately accretive to
Faurecia in operating margin, net income and ROCE. The financial
performance would be consolidated into the Interiors Business
Group. Synergies could be obtained in manufacturing engineering,
logistics and footprint optimization as well as in purchasing and
SG&A. With an order book showing strong growth potential,
sales should exceed €1 billion by 2024 (representing a CAGR of
around 9%). Growth would be accelerated through regional and
customer diversification particularly in China.
Patrick Koller, Faurecia CEO
said, “Following the creation of the Faurecia Clarion
Electronics Business Group, this project would enhance our cockpit
systems expertise for the Cockpit of the Future. SAS has a strong
growth potential and represents an excellent opportunity for
Faurecia strategically and financially”.
Faurecia would acquire the 50% share of the
joint venture from Continental for €225 million (excluding cash).
Prior to the signature of a definitive agreement, this project will
be subject to information of employee representative bodies and to
the appropriate regulatory approvals. Closing would be expected in
early 2020.
ContactsMediaEric
FOHLEN-WEILLCorporate communications DirectorTel: +33 (0)1 72 36 72
58eric.fohlen-weill@faurecia.com |
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Analysts/InvestorsMarc MAILLETHead of Investor
RelationsTel: +33 (0)1 72 36 75 70marc.maillet@faurecia.com |
Anne-Sophie JUGEANDeputy Head of Investor
RelationsTel: +33 (0)1 72 36 71
31annesophie.jugean@faurecia.com |
About FaureciaFounded in 1997,
Faurecia has grown to become a major player in the global
automotive industry. With around 300 sites including 35 R&D
centers and 122,000 employees in 37 countries, Faurecia is a global
leader in its four areas of business: Seating, Interiors, Clarion
Electronics and Clean Mobility. Faurecia has focused its technology
strategy on providing solutions for the “Cockpit of the Future” and
“Sustainable Mobility”. In 2018, the Group posted sales of €17.5
billion. Faurecia is listed on the Euronext Paris related market
and is a component of the CAC Next 20 index. For more information,
please visit www.faurecia.com
- SAS - Press release - UK - 2019-10-14