Faurecia SE, a French company in the FORVIA Group structure, and Cummins Inc signed an agreement to sell two plants for the production of automotive components in Europe and the United States for 142 million euros. This is reported in a Cummins press release.
The deal includes the sale of factories Faurecia in Roermond (Netherlands) and Columbus (Indiana, USA).
The deal is expected to close at the end of 2023 after regulatory approval in the United States, Germany and the Netherlands.
At the same time, Faurecia will retain assets for the production of components for the processing of car exhaust gases in other regions, mainly in China and India. The funds raised will be included in the Power25 Plan program for the sale of FORVIA assets totaling 1 billion euros by the end of 2023.
Faurecia has been a Cummins partner and supplier for ten years. The deal allows both companies to achieve long-term strategic goals at the expense of technical and production resources. Faurecia intends to focus on the production of components for the processing of exhaust gases of light vehicles with ultra-low and zero emissions, including hydrogen.The funds raised will be included in the Power25 Plan program for the sale of FORVIA assets totaling 1 billion euros by the end of 2023.
Cummins Inc is an international corporation for the development, production and sale of diesel and gas engines, generator sets and components.
The headquarters is located in Columbus (Indiana).
Faurecia SE is an international company for the production of automotive components.
The headquarters is located in Nanterre (France). Faurecia is a subsidiary of PSA Peugeot Citroën. The shares are listed on Euronext Paris.
FORVIA combines the technological and industrial advantages of Faurecia and HELLA and has 290 industrial sites and 76 research centers in 40 countries. FORVIA includes 6 business groups and has an extensive intellectual property portfolio.
