Faurecia: Hella sells stake in HBPO
(CercleFinance.com) - Faurecia (Forvia) announces that its subsidiary Hella has signed an agreement to sell its 33.
33% stake in HBPO to its co-shareholder, Plastic Omnium, for an agreed purchase price of approximately 290 million euros.
This announcement marks an important first step in Forvia's 1 billion euro disposal program of non-strategic assets by the end of 2023, which is part of the automotive supplier's plan to reduce its net debt.
The divestment represents nearly 30% of the total announced divestment program target. The transaction is subject to customary regulatory approvals, with it set to be completed in Q4 2022.
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