October 14, 2019 / 5:48 AM / a month ago

Car parts group Faurecia to buy full control of SAS venture from Continental

PARIS, Oct 14 (Reuters) - French car parts group Faurecia said on Monday it had agreed to buy full control of the SAS joint venture it runs with German auto group Continental , in a deal which should boost the company’s profits.

Faurecia said it would buy the remaining 50% stake in the venture from Continental for 225 million euros ($248 million), and that the takeover would be immediately accretive to its operating margin, net income and return on capital employed.

The SAS joint venture was established in 1996 and the company has become a key player in complex interior module assembly and logistics, with 2019 sales expected to reach around 700 million euros, said Faurecia.

“SAS has a strong growth potential and represents an excellent opportunity for Faurecia strategically and financially,” said Faurecia chief executive Patrick Koller. ($1 = 0.9069 euros) (Reporting by Sudip Kar-Gupta and Benoit Van Overstraeten; Editing by Muralikumar Anantharaman)

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