Auto parts suppliers Faurecia, Hella merge into Forvia
French automotive group Faurecia and German car parts supplier Hella said on Monday that they have merged into a group called Forvia, which aims for its sales revenue to reach $37.72 billion in 2025.
The combination has created the world's 7th largest auto parts supplier. It came after Faurecia's $5.95 billion acquisition of a 79.5 percent stake in Hella in late January 2022.
Forvia now operates through six business divisions – interiors, seating, electronics, clean mobility, lighting and lifecycle solutions. It has a portfolio of 24 product lines.
Faurecia and Hella said they will continue to operate as two separate legal entities, and will sell products under each brand name, but they will communicate under the Forvia name.
They said the name Forvia combines the words "forward" and "via", and "is about the movement and the necessary agility as well as the newly combined group's commitment, confidence and action."
"This new name reflects core elements of our Faurecia and Hella brands, as well giving a good translation of our shared purpose – inspiring mobility," Faurecia CEO Patrick Koller said.
The combined company will have more than 150,000 employees, including more than 35,000 engineers, with a presence in more than 40 countries.