The sale of part of Michelin’s shareholding in the Symbio hydrogen mobility joint venture to Stellantis was completed on 27 July 2023, making Michelin, Forvia and Stellantis equal 33.33 per cent shareholders in the business. The transaction contributes 150 million euros to Michelin group’s cash.
Negotiations between Faurecia, Michelin, and Stellantis have resulted in the signing of a binding agreement covering Stellantis’s acquisition of a 33.3% stake in zero-emission hydrogen mobility firm Symbio. Both Faurecia and Michelin now hold a 33.3% share in Symbio as well. The transaction is subject to customary regulatory approvals and is expected to close in the third quarter of 2023.
Negotiations have commenced for vehicle manufacturer Stellantis to acquire a “substantial stake” in zero-emission hydrogen mobility firm Symbio, with the expectation that it will become a “significant player” along with Faurecia and Michelin. Commenting on the negotiations, Michelin’s Florent Menegaux said the arrival of Stellantis will “catalyse the tremendous industrial momentum” that the existing stakeholders have already achieved.
Following the successful takeover of Hella by Faurecia, the two companies made their first joint appearance at an automotive trade fair under the new, overarching umbrella brand Forvia. Hella and Faurecia, with around 150,000 employees, form the seventh-largest automotive supplier worldwide and one of the global market leaders in high-growth technology fields. At this year’s Automotive Engineering Exposition, which took place in Yokohama, Japan, from 25 to 27 May 2022 and is one of the leading industry trade fairs in the Asian region, they presented technologies for a safe, sustainable, advanced and customised mobility as part of a joint stand concept. The approximately 100 square metre stand was designed in the stylistic colours blue and white, which characterise the new brand identity of the Forvia umbrella brand. In total, around 1,000 customers, business partners and other guests visited the Forvia stand.
The California Energy Commission (CEC) has selected Symbio – the joint venture created by Michelin and Faurecia in 2019 with the aim of becoming a world leader in hydrogen mobility – to develop and demonstrate a hydrogen-fuelled, regional-haul Class 8 truck for a state-supported hydrogen mobility project. Symbio will collaborate on this project with Michelin, Faurecia and other industry partners, including energy transitions research and training organisation GTI.
We visited Hella UK’s headquarters to hear about the official launch of the latest “trilogy” of Hella Gutmann Solutions (HGS) mega macs diagnostics and ADAS products. But since the news that Hella and Faurecia are joining forces was announced on 1 February, and since, as a result we now know the firms will use the umbrella brand Forvia moving forward, let’s begin with the latest details on the integration.
Following the news that HELLA and Faurecia are joining forces, the two automotive suppliers have announced that they will be operating jointly in the aftermarket. This means that Faurecia products will soon also be available through HELLA’s aftermarket division. By bundling activities, not only do customers benefit from a comprehensive range of services, but above all from a significantly expanded product spectrum.
Faurecia, a leading global player in the automotive industry, has successfully completed the acquisition of lighting and electronics specialist Hella after receiving all necessary regulatory approvals. Faurecia acquired a total of approx. 79.5 per cent of the shares in Hella, including the 60 per cent share package of the Hella pool shareholders as well as ca. 19.5 per cent as part of the public takeover offer ended on 11 November 2021. The transaction creates the seventh-largest automotive supplier worldwide and a global market leader in high-growth technology fields.
Following the establishment of their hydrogen mobility joint venture in March 2019, Michelin and Faurecia have reported that they have formalized the establishment of “Symbio, A Faurecia Michelin Hydrogen Company”. According to the two companies “Symbio, A Faurecia Michelin Hydrogen Company” combines all their hydrogen fuel cell dedicated activities, with the aim of becoming a world leader in hydrogen mobility.
In 2017, Michelin stated that hydrogen “ticks all the boxes” for its vision of sustainable mobility. The company’s activities in this area are now moving forward with the signing of a Memorandum of Understanding to create a new joint venture that will bring together all of Michelin’s fuel cell related activities, including its subsidiary Symbio, with those of automotive parts manufacturer Faurecia.
Hella, the lighting and electronics specialist, and the French technology supplier Faurecia will cooperate in a strategic partnership for the development of innovative interior lighting solutions. Within this cooperation, the companies will jointly develop lighting solutions with high-technology content in the area of surface and dynamic-lighting for a comprehensive, personalised cockpit environment.
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Chris Anthony, Tyre Industry Publications Ltd
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