Plastic Omnium Received a Binding Offer for the Sale of Certain Faurecia Auto Exterior’s Assets Concerned by the Decision o...
December 23 2016 - 2:30AM
Business Wire
Regulatory News:
In accordance with the European Commission's decision to require
Plastic Omnium (Paris:POM) to divest certain assets included in the
recent acquisition of Faurecia Auto Exterior, the Group received a
binding offer from US-Based Flex|N|Gate Group to acquire the 7
affected sites (4 in France, 1 in Spain and 2 in Germany), for an
enterprise value of 200 million euros. On the basis of such offer,
the Group has agreed to enter into exclusive discussions with
Flex|N|Gate.
On July 11, 2016, Plastic Omnium was authorized to acquire
Faurecia's Exterior Systems business subject to the disposal of
certain assets. These assets represent approximately €700 million
in revenue, split evenly between (1) the French and Spanish sites
for the bumper business, and (2) the front-end module assembly
business in Germany.
Plastic Omnium, ranked as the 29th largest supplier in the world
after the acquisition of Faurecia Auto Exterior, committed to
selecting a purchaser with the capability and expertise to acquire
and continue the business, including its roughly 2,000 affected
employees.
Flex|N|Gate was ranked in 2015 by Automotive News as the
10th-largest original equipment supplier in North America and the
38th largest supplier in the world. Flex|N|Gate employs more than
18,000 people at 55 manufacturing facilities and nine product
development and engineering facilities throughout Canada, the
United States, Mexico, Argentina, China, Japan, Brazil and Spain.
Flex|N|Gate’s major product lines include complete bumper
assemblies, mechanical assemblies, exterior plastic trim, aluminum
and steel modular stamped body-in-white and chassis assemblies, and
complex welded structural assemblies for the light vehicle market.
Flex|N|Gate is the number 2 in North America in the production of
bumpers.
This proposed transaction must undergo the procedures relating
to the staff representation bodies in the countries concerned, and
then must obtain the authorizations from the European Commission
and the competent competition authorities. It should be finalized
during 2017.
Plastic Omnium is the world leader in automotive exterior
components and modules, automotive fuel systems, and waste
container solutions for local authorities and companies. The Group
has 32,000 employees across 130 plants, 23 R&D centers and 31
countries worldwide. Plastic Omnium is listed on Euronext Paris,
compartment A. It is eligible for the Deferred Settlement Service
(SRD) and is part of the SBF 120 and CAC Mid 60 indices (ISIN code:
FR0000124570).
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Plastic OmniumFinancial InformationTel. : +33 (0)1 40 87 66
78Fax : +33 (0)1 40 87 96
62investor.relations@plasticomnium.com
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