The combined shareholders’ meeting of Faurecia has met today and approved the
contribution of Emcon Technologies as per the terms of the agreement announced on
November 2, 2009.
Contribution of Emcon Technologies to Faurecia
The shareholders of Faurecia have approved the contribution by One Equity Partners, private
equity fund of JP Morgan Chase & Co., of 100% of Emcon Technologies LLC and ET Dutch
Cooperatie UA shares, parent companies of Emcon Group’s operational arms.
They also approved the issuance of 20 918 224 ordinary Faurecia shares as payment for this
contribution valued at EUR 330 million. These shares represent 19% of Faurecia’s new total
equity reaching 110 366 728 actions.
The Board of Directors of Faurecia, which has met this same day, has decided to issue these
shares to One Equity Partners which has reallocated 1.8 million shares to Emcon managers.
New governance
The shareholders’ meeting has ratified the co-opting of Mr. Philippe Varin and Mr. Frédéric
Saint-Geours, respectively Chairman of the Managing Board and CFO of Peugeot S.A., as
Directors of Faurecia S.A.
The shareholders’ meeting has also appointed two new Directors: Mr. Lee Gardner, who will
leave his position as Chairman and CEO of Emcon Technologies to become Partner of One
Equity Partners and Mr. Eric Bourdais de Charbonnière, Chairman of the Supervisory Board
of Michelin.
A broadened shareholder base
With this deal, the Faurecia equity is split as follows:
- Peugeot S.A. 57,4%
- One Equity Partners 17,3%
- Public float 24,9%
- Employee fund & treasury 0,4%
With immediate effect, all activities of Emcon Technologies will join the “Faurecia Emissions
Control Technologies” business group, which will be headed by Jean-Marc Hannequin,
Executive Vice President and member of Faurecia’s Executive Committee.
With this acquisition, Faurecia Emissions Control Technologies become N°1 worldwide for
emissions control on a strong growth market, strategic for the future clean vehicle. The new
business group will present on all automobile markets worldwide, with a very broad
customer base, employing some 13,000 people at 66 manufacturing sites with pro-forma
sales in excess of EUR 5 billion (2008 basis).