Yahoo Finance HELLA’S ANNOUNCED DIVESTMENT OF ITS 33% STAKE IN THE JOINT-VENTURE HBPO FOR €290 MILLION MARKS A FIRST SIGNIFICANT STEP IN FORVIA’S TOTAL DIVESTMENT PROGRAM OF 1 BILLION EUROS BY 2023
Nanterre (France), July 28th, 2022
HELLA’S ANNOUNCED DIVESTMENT OF ITS 33% STAKE IN THE JOINT-VENTURE HBPO FOR €290 MILLION MARKS A FIRST SIGNIFICANT STEP
IN FORVIA’S TOTAL DIVESTMENT PROGRAM OF 1 BILLION EUROS BY 2023
HELLA, company of the FORVIA Group, announced today that it has agreed the sale of its 33.33% stake in HBPO to its co-shareholder, Plastic Omnium.
The agreed purchase price is c. €290 million, and the transaction is subject to customary regulatory approvals, with a closing expected in the fourth quarter of 2022.
With this decision, HELLA is continuing its proven course of consistent portfolio management, further sharpening its profile as a focused technology company with Lighting, Electronics and Lifecycle Solutions at its core.
HELLA’s announcement is available on its website: www.hella.com/press
This announcement marks a first significant step in the FORVIA Group’s non-strategic asset divestment program of €1 billion by the end of 2023, as part of the Group’s plan to reduce its consolidated net debt following the acquisition of HELLA.
This divestment represents close to 30% of the total target for the divestment plan and confirms this program is on track as announced, both in terms of total amount and deadline.
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Youssara ID CHRIFE
Media relations specialist
Tel: +33 (0)6 15 58 40 62
youssara.idchrife@forvia.com
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About FORVIA Faurecia
Faurecia, company of the Group FORVIA, is a global automotive technology leader. With 257 industrial sites, 39 R&D centers and 111,000 employees in 33 countries, Faurecia operates through four areas of business: Seating, Interiors, Clarion Electronics and Clean Mobility.
In 2021, the Group reported total turnover of €15.6 billion. Faurecia is listed on the Euronext Paris market and is a component of the CAC Next 20 index. www.faurecia.com
About FORVIA
FORVIA comprises the complementary technology and industrial strengths of Faurecia and HELLA. With over 300 industrial sites and 77 R&D centers, 150,000 people, including more than 35,000 engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups with 24 product lines, and a strong IP portfolio of over 14,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMS worldwide. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. www.forvia.com
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