(AOF) – Forvia is making progress today in the execution of its second asset transfer program of 1 billion euros: the automotive supplier announces an agreement to transfer its 100% subsidiary, Hug Engineering, to the Belgian group Ogepar for an enterprise value of approximately 55 million euros. Hug Engineering specializes in pollution control systems for high horsepower engines, and is 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, or around 25% of the second disposal program announced by the equipment manufacturer in October 2023, intended to accelerate the group’s debt reduction.
© 2024 Agence Option Finance (AOF) – All reproduction rights reserved by AOF. AOF collects its data from the sources it considers the safest. However, the reader remains solely responsible for their interpretation and use of the information made available to them. The reader must therefore hold AOF and its contributors harmless from any claim resulting from this use. Agence Option Finance (AOF) is a brand of the Option Finance group
Did you like this article ? Share it with your friends using the buttons below.
