Faurecia to Buy Out Conti in JV
Faurecia SA has agreed to acquire Continental AG’s 50% stake in SAS Autosystemtechnik Verwaltungs GmbH and take full control of the interior modules joint venture.
The €225 million ($248 million) deal is expected to close early next year. SAS will be folded into Faurecia’s Interiors Business Group when the purchase is completed.
Karlsruhe, Germany-based SAS, which was formed in 1996, is expected to post sales of €700 million ($772 million) this year. The company employs 4,500 people in 19 facilities in Europe and the Americas.
Faurecia says the acquisition will expand its capabilities to cover all interior modules and support new product lines such as displays, electronics, sensors and thermal management. Among SAS customers are Audi, FCA, Ford, Tesla, Mercedes, Porsche, PSA, Renault, Skoda, SEAT, Tesla and Volkswagen.
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