Faurecia, the French automotive technology company, has completed its USD 5.9 billion take over of Hella, the German automotive part supplier. The company will now be called Forvia, the two companies announced on Monday. The two companies will sell products under their brand names but will operate under the Forvia name.
As per the official statement from the company, Forvia is derived from “forward” and “via,” and “is about the movement and the necessary agility as well as the newly combined group’s commitment, confidence and action.”
According to the company, CEO Rolf Breidenbach will leave his position on June 30, however, he will continue as an advisor. The USD 5.95 billion deal was finalised at the end of January after Faurecia won a bid. The company now holds 79.5% of Hella.
The combined company will have over 150,000 employees, including 35,000 engineers, with a presence in more than 40 countries globally. Faurecia was established in 1998 from the merger of Bertrand Faure and ECIA.
