(CercleFinance.com) – Forvia is progressing in the execution of its second €1 billion asset disposal program with the announcement of an agreement to transfer its 100% owned subsidiary, Hug Engineering, to the Belgian group OGEPAR for an enterprise value of approximately 55 million euros.
Hug Engineering is a major player in pollution control systems for high horsepower engines, currently part of Forvia’s Clean Mobility business.
The cumulative cash proceeds from the closing of the sale by Forvia Hella of its stake in BHTC with those of the newly signed transaction, which is expected to close by the end of June 2024, are expected to represent a total amount of approximately 250 million euros.
Today’s announcement will help reduce the Group’s financial costs and accelerate debt reduction.
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