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Plastic Omnium Closes EUR 200m Sale of Assets to Flex N Gate; Deal Satisfies EC Conditions of Faurecia Merger.

MANews-(C)2009-2017

3 April 2017 - French plastic automotive body parts maker Plastic Omnium (PAR: POM) has closed the sale of seven European sites, including four in France, one in Spain, and two in Germany, to US-Based Flex|N|Gate Group.

This disposal was required by the European Commission as part of the takeover of French auto parts maker Faurecia Auto Exterior in July 2016.

The deal was made for an enterprise value of EUR 200m (USD 213.29m).

Flex-N-Gate is an original equipment supplier that employs more than 18,000 people at 55 manufacturing facilities and nine product development and engineering facilities throughout Canada, the United States, Mexico, Argentina, China, Japan, Brazil and Spain.

Plastic Omnium offers automotive body parts and modules, as well as waste collection containers for local governments and for businesses.

The group and its joint ventures have 26,000 employees working in 120 plants and 21 R/D centres in 30 countries worldwide.

Country: France

Sector: Motor Vehicles

Target: Seven European sites, including four in France, one in Spain, and two in Germany

Buyer: Flex|N|Gate

Vendor: Plastic Omnium

Deal size in USD: 213.29m

Type: Divestment

Financing: Cash

Status: Closed

Buyer advisor: , ,

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Publication:M & A Navigator
Geographic Code:4EUFR
Date:Apr 3, 2017
Words:200
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