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FORVIA to Divest Interiors Business Group to Apollo Funds
FORVIA, listed on Euronext Paris, has announced that it will sell its Interiors Business Group to Apollo Funds for €1.82 billion. This move aligns with FORVIA's IGNITE strategy, focusing on high-tech, value-added sectors, while reducing net debt by at least €1 billion.
The Interiors segment constitutes about 18% of FORVIA’s revenue, with operations in 19 countries. Apollo aims to leverage its expertise to advance the Interiors Group's capabilities.
CEO Martin Fischer praised the Interiors Group's market position and expressed confidence in Apollo's ability to drive future growth. Michael Reiss from Apollo highlighted the evolving automotive interiors market and sees potential in differentiating vehicle interiors through premium materials and technology.
The divestment, subject to employee consultations and regulatory approvals, is expected to close by year-end. Proceeds will be used to enhance FORVIA’s financial stability.
R. E.
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