SAS has an enterprise value of €540 million and the transaction will be funded by a mix of debt and internal accruals. The anticipated acquisition should be completed by Q2 of FY24.
The integration of plastic business of TAFE with interior systems of business of the French company offers synergistic benefits to customers. Under the deal, FAURECIA would support TAFE and its customers with design capabilities, a statement said.
Bullish forecasts from major car firms lifted hopes for the sector, as the likes of Toyota and parts maker Faurecia set out new goals for 2011 based on strong growth.