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07-20-2016

Faurecia Deal Gets Clearance

The European Commission has just authorized Plastic Omnium’s acquisition of Faurecia's Exterior Systems business, subject to a certain number of disposal commitments. These commitments represent approximately EUR 700 million in revenue, half of which are composed of disposal of the French sites and a Spanish site for the bumper business, and half made up of the front-end module assembly business in Germany.

Plastic Omnium's resulting increased revenue of EUR 1.2 billion demonstrates the strategic and industrial relevance of the transaction. It includes EUR 1.1 billion in revenue in the bumper business (i.e. almost 75% of the initial scope), EUR 800 million of this in Germany, where Plastic Omnium did not have an auto exterior systems production presence. Almost half of this revenue comes from new clients, and 40% from premium clients.

This acquisition is immediately accretive, producing an annual operating margin of EUR 50 million, and will generate an additional amount of EUR 70 million from synergies by 2019. The transaction creates industrial coverage with five new plants in Germany, which is now the country that is the largest contributor to revenue for the Auto Exterior division and for the group. With three additional plants, it doubles the presence of the Auto Exterior division in Spain. It reinforces business as well in the east of Slovakia, in Belgium and in America. This acquisition creates new links to clients such as Audi, Mercedes and Ford, and strengthens ties in particular with Volkswagen, Seat and PSA, as well as with BMW and Fiat Chrysler Automobiles (FCA).

Lastly, it increases the size of Plastic Omnium Auto Exterior by 50%, and adds an R&D center with 300 employees in Germany to the 1,300 engineers around the world that are already developing systems for this division that are lighter, more aerodynamic and more integrated. This increases the capacity for innovation and growth to meet the challenges to come from advances in technology.

The transaction will close on July 29, 2016 for the entire scope, for an agreed enterprise value of EUR 665 million.

Company profile

Compagnie Plastic Omnium

1, rue du Parc
FR 92593 LEVALLOIS CEDEX
Tel.: +33 014087 76400
Fax: +33 014739 97898

Faurecia Automotive GmbH

Faureciastr. 1
DE 76767 Hagenbach
Tel.: 7273 80-10

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