Faurencia (shareholder of Parrot Automotive) has purchased a majority stake in the capital equity of the Chinese company Jiangxi Coagent Electronics for a total consideration of RMB1.45Bn (€193 million).
Strill pending from ligal and customary conditions, the transaction is expected to close before the end of 2017.
InterChina Partners, the consultancy firm led by the Spaniard Eduardo Morcillo, assisted Faurecia on the acquisition of Jiangxi Coagent.
Earlier this same month Faurencia made another strategical movement, this time in the clean mobility field.
Parrot and Jiangxi, an strategical colaboration
Patrick Koller, Faurecia CEO, said: “We are very pleased to invest in Jiangxi Coagent Electronics, one of the leaders in China for infotainment. This acquisition marks another important step in the development of our technology offer for the Cockpit of the Future. The strong synergies that exist between Parrot Automotive and Jiangxi Coagent Electronics will make our offer more relevant for our customers.”
Parrot Automotive and Jiangxi Coagent Electronics will leverage a shared commercial and industrial strategy as well as develop a common technology offer led by the combined force of over 700 software engineers (by mid-2018).
Faurencia acquired a stake in Parrot Automotive, which develops connectivity solutions and infotainment for the automotive industry this same year.
The joint venture with Dong Feng
Faurencia signed on 4th July a joint venture agreement for its Clean Mobility business with Dongfeng Motor Parts & Components Group CO., Ltd in Wuhan.
Located in Xiangyang, the new joint venture will begin operations in 2018. The annual sales should reach 1.2 Billion RMB (€ 155 million) by 2021.
The new company aims to provide advanced clean mobility solutions to Dongfeng affiliated OEM brands, for both passenger cars and commercial vehicles. This joint venture builds upon Faurecia’s long term partnership with Dongfeng, with whom it already has a joint venture for its Automotive Interiors Business.
Patrick Koller Faurecia CEO declares: “We are very much honored to extend our partnership with Dongfeng to our Clean Mobility business and thus bring innovative and breakthrough technologies to the Chinese market. This joint venture builds on the important relationship which Faurecia has developed with Dongfeng over the years and contributes significantly to our strong growth in China.”
Image over the headline.- © Faurencia.
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