Car parts maker Faurecia completes $741 million capital increase – Reuters.com

June 23, 2022 by No Comments

A logo of French car parts supplier Faurecia is seen near the company’s headquarters in Nanterre near Paris, France, February 7, 2022. REUTERS/Gonzalo Fuentes

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PARIS, June 22 (Reuters) – French car parts supplier Faurecia (EPED.PA) said it increased the company’s share capital by around 705 million euros ($740.9 million) and will use the proceeds to fund its acquisition of German peer Hella (HLE.DE).

Faurecia had sealed its takeover of Hella in February and plans to create Forvia, likely to be the world’s seventh-largest automotive supplier.

Forvia predicted sales of around 23 billion-24 billion euros this year, with a profit margin of 4%-5%. read more

($1 = 0.9516 euros)

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Reporting by Sudip Kar-Gupta; Editing by Sherry Jacob-Phillips

Our Standards: The Thomson Reuters Trust Principles.

Source: https://www.reuters.com/business/autos-transportation/car-parts-maker-faurecia-completes-741-million-capital-increase-2022-06-22/

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