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Plastic Omnium Cleared to Buy Faurecia’s Exteriors Business
France’s Plastic Omnium SA has won antitrust approval from the European Commission to acquire the Exterior Systems unit of Faurecia SA. The deal is expected to close on July 29.
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France’s Plastic Omnium SA has won antitrust approval from the European Commission to acquire the Exterior Systems unit of Faurecia SA. The deal is expected to close on July 29.
The €665 million ($737 million) deal was announced in December. The acquisition will involve 15 Faurecia bumper and front-end module operations in Europe and the Americas and some 5,500 of its employees, including 1,300 engineers. Faurecia is controlled by PSA Group but operated as an independent company.
The purchase will give Plastic Omnium it first presence in Germany with the addition of five bumper-making factories and a product development center there. The company estimates the German operations will contribute €800 million ($890 million) in annual revenue, with Faurecia facilities elsewhere contributing an additional €300 million.
Under the terms of EC’s approval, Plastic Omnium will sell Faurecia bumper-making facilities in France and Spain and two front-end module assembly operations in Germany.
The deal will increase the size of the company’s auto exterior business 50% and hike its share of the global vehicle exterior systems market to 15%, according to Plastic Omnium.
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