Following the completion of the takeover deal involving nearly 81% of shares in German lighting specialist Hella (Lippstadt; www.hella.com), new owner Faurecia (Nanterre, France; www.faurecia.com) has given the combined company the new name Forvia, which consists of the letters FOR in forward, plus VIA as a way to relate to mobility transition.

The two auto supplier companies have nevertheless still been operating independently of one another since 31 January 2022 (see Plasteurope.com of 24.11.2021).

The next move is for Hella CEO Rolf Breidenbach (59) to leave by mid-2022 even though his contract expires at the beginning of 2024. He was the first non-family manager to head the company since 2004.

The real reason for combining the two firms into the Forvia holding company was probably Faurecia’s inability to obtain the necessary support from 90% shareholders needed to delist the lighting specialist and fully merge the two companies. In the meantime, US investor Paul Singer has topped up his share to nearly 11%. Without Singer’s support, a delisting is impossible; Faurecia has never publicly discussed this goal, but it is regarded as probable.

Buying out the US investor at what would presumably be a much higher price is only possible within a year. Otherwise, Faurecia would also have to subsequently pay the higher share price to all other previous sellers. Singer is currently the second-largest shareholder ahead of the former Hella family pool with 9%.

According to Faurecia CEO Patrick Koller, Hella will be restructured with the three business groups, Lighting, Electronics, and the newly founded Lifecycle Solutions (see Plasteurope.com of 18.08.2021).

This division, which will combine the former Aftermarket and Special Applications segments, will be headed by Lea Corzilius, who also retains her role as personnel manager at Hella.