Forvia, formerly known as Faurecia, completes $741M capital increase

PARIS — Supplier Forvia said it increased the company’s share capital by around 705 million euros ($740.9 million) and will use the proceeds to fund the acquisition of German peer Hella.

Forvia, which was formerly known as Faurecia, announced its name change following the closing of the Hella deal in February, which will likely create the world’s seventh-largest automotive supplier.

Forvia predicted sales of around 23 billion to 24 billion euros this year, with a profit margin of 4 percent to 5 percent.