Car parts maker Faurecia completes $741 million capital increase – Reuters
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
Register now for FREE unlimited access to Reuters.com
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)
Register now for FREE unlimited access to Reuters.com
Reporting by Sudip Kar-Gupta; Editing by Sherry Jacob-Phillips
Our Standards: The Thomson Reuters Trust Principles.