Cummins and Faurecia finalize deal for Columbus plant sale
Cummins, the Columbus based engine manufacturer, has finalized an agreement to buy the Columbus Faurecia plant as part of an estimated $153 million dollar deal with the Forvia Group.
Faurecia and Cummins announced this morning the final agreement to sell part of Faurecia’s commercial vehicle exhaust aftertreatment business in Europe and the U.S. for 142 million Euros. That will include the Columbus plant as well as one in the Netherlands.
Faurecia and Cummins have been partners since 2010. The plants remain separate entities and will continue to operate independently of each other until the acquisition closes. Cary Chenanda, Vice President of Cummins Emission Solutions says the new owners will preserve business operations and employment for “talented employees within the two plants and related tech centers.”
Cummins says it is committed to honoring Faurecia’s existing supplier and customer contracts in both facilities and will make the necessary investments to deliver on the contracts.
Cummins plans to pay for the transaction with cash. The transaction still must receive regulatory approval in the U.S., Germany and the Netherlands but is expected to be finalized by the end of the year.
You can find more information here: https://investor.cummins.com/news/detail/612/cummins-to-acquire-parts-of-faurecias-commercial-vehicle