Faurecia to sell its “SAS” Cockpit Modules division to the MOTHERSON Group
Faurecia, a company of the FORVIA Group, has received a firm and binding commitment from the MOTHERSON Group to acquire 100% of “SAS” Cockpit Modules division (“SAS”), a leading global provider of assembly and logistics services for the automotive industry, based on an enterprise value of €540 million. MOTHERSON is a diversified manufacturing specialist and one of the world’s leading automotive Group. The transaction would complement its Modules and Polymer Products portfolio.
Patrick Koller, CEO of Faurecia, declared: "We have successfully developed and positioned SAS as one of the leading global providers of assembly and logistics solutions for the automotive industry. This strong market position is founded on deep technical expertise and strong commitment of the teams. I am convinced that this transaction would unlock additional value for SAS. This would also allow FORVIA to focus on its core business activities developing breakthrough technologies and would fulfill our non-strategic asset divestment program of €1Bn by end-2023. By reducing our consolidated net debt following the acquisition of HELLA, we are delivering on our Power25 plan as announced during our last Capital Markets Day in November 2022".
“SAS”, headquartered in Karlsruhe (Germany), was established in 1996 as a joint venture between Sommer Allibert and Siemens VDO. “SAS” generated total net sales of €896m in the calendar year 2022 and has more than 5000 employees in over 24 locations in Europe, Asia, and America.
The project remains subject to information or consultation with employee representatives. Completion of the envisaged transaction will be subject to customary regulatory approvals and would be expected mid-2023.