HELLA’s announced divestment of its 33% stake in the joint-venture HBPO for €290 million marks a first significant step in FORVIA’s total divestment program of 1 billion euros by 2023
HELLA, company of the FORVIA Group, announced today that it has agreed the sale of its 33.33% stake in HBPO to its co-shareholder, Plastic Omnium.
The agreed purchase price is c. €290 million, and the transaction is subject to customary regulatory approvals, with a closing expected in the fourth quarter of 2022.
With this decision, HELLA is continuing its proven course of consistent portfolio management, further sharpening its profile as a focused technology company with Lighting, Electronics and Lifecycle Solutions at its core.
HELLA’s announcement is available on its website: www.hella.com/press
This announcement marks a first significant step in the FORVIA Group’s non-strategic asset divestment program of €1 billion by the end of 2023, as part of the Group’s plan to reduce its consolidated net debt following the acquisition of HELLA.
This divestment represents close to 30% of the total target for the divestment plan and confirms this program is on track as announced, both in terms of total amount and deadline.