PIE - News-Ticker on Plasteurope.com

Faurecia: Takeover of all six German Plastal plants

Faurecia Exteriors (Frankfurt / Germany), part of OEM supplier Faurecia (Nanterre / France; www.faurecia.com), the PSA subsidiary, has acquired all six plants of insolvent automotive supplier Plastal GmbH (Weienburg / Germany). Terms of the deal for which no price tag has been announced include a guarantee that Plastal´s 2,000 employees in Germany will keep their jobs for the next two years.

The transaction, which is expected to close on 31 March, following approval by European cartel authorities, does not include the two legally independent Plastal subsidiaries in Spain and France, which have not filed for insolvency. However, Faurecia has an exclusive right to acquire these units, which employ 1,200 people, until mid-2010.

More news on Plasteurope.com...