FAURECIA
Takeover of all six German Plastal plants / Deal includes right to buy French and Spanish sites
Faurecia Exteriors (Frankfurt / Germany), part of OEM supplier Faurecia (Nanterre / France; www.faurecia.com), the PSA subsidiary, has acquired all six plants of insolvent automotive supplier Plastal GmbH (Weienburg / Germany) see Plasteurope.com of 19.11.2009. Terms of the deal for which no price tag has been announced include a guarantee that Plastals 2,000 employees in Germany will keep their jobs for the next two years.
The transaction, which is expected to close on 31 March, following approval by European cartel authorities, does not include the two legally independent Plastal subsidiaries in Spain and France, which have not filed for insolvency. However, Faurecia has an exclusive right to acquire these units, which employ 1,200 people, until mid-2010.
Unexpectedly, the plant at Sinntal-Sterbfritz was included in the deal. Insolvency administrator Siegfried Beck had originally sought a separate buyer for the plant employing 280 workers.
The transaction, which is expected to close on 31 March, following approval by European cartel authorities, does not include the two legally independent Plastal subsidiaries in Spain and France, which have not filed for insolvency. However, Faurecia has an exclusive right to acquire these units, which employ 1,200 people, until mid-2010.
Unexpectedly, the plant at Sinntal-Sterbfritz was included in the deal. Insolvency administrator Siegfried Beck had originally sought a separate buyer for the plant employing 280 workers.
05.02.2010 Plasteurope.com [215432]
Published on 05.02.2010
German version of this article...