France's Faurecia takes majority stake in Jiangxi Coagent Electronics (updated)
19/07/2017 18:52
(Adds detail, background)
July 19 (Reuters) - French automotive equipment supplier
Faurecia EPED.PA said on Wednesday it had taken a majority
stake in Chinese in-car entertainment and technology company
Jiangxi Coagent Electronics for 1.45 billion renminbi (193
million euros).
"This acquisition marks another important step in the
development of our technology offer for the cockpit of the
future," Faurecia Chief Executive Patrick Koller said in a
statement.
The deal is the latest by the French company as it prepares
for a future of self-driving, connected cars.
In May, Faurecia signed a partnership agreement with German
company ZF to develop interior and safety technologies for
self-driving cars. urn:newsml:reuters.com:*:nL8N1I61K7
In March, it formed a partnership with the automotive
division of drone-maker Parrot PARRO.PA to provide
infotainment systems for cars. urn:newsml:reuters.com:*:nFWN1H3047
"Parrot Automotive and Jiangxi Coagent Electronics will
leverage a shared commercial and industrial strategy as well as
developing a common technology offer," Faurecia said in the
statement.
Jiangxi Coagent Electronics, which reported sales of 148
million euros in 2016, is targetting sales of 270 million euros
by 2019.
The transaction is expected to close before the end of 2017.
(Reporting by Michal Aleksandrowicz and Alan Charlish; Editing
by David Clarke and Mark Potter)
((michal.aleksandrowicz@thomsonreuters.com; +48 58 772 0920;))
Keywords: JIANGXICOAGENT M&A/FAURECIA