The assets of the French automotive components manufacturer Faurecia in Russia have been acquired by the company's Russian top managers through "Format Invest," as reported by "Kommersant."
According to the newspaper, citing data from the Unified State Register of Legal Entities (EDRUL), the companies "Foresia Automotive Solutions" and "Foresia Environmental Solutions," which are Russian legal entities of Faurecia, have transitioned into the ownership of the company "Format Invest."
As per a source cited by the publication, Faurecia retains the right of buyback.
"Format Invest" was established by the top managers of Russian Faurecia at the end of June 2023 with the aim of acquiring the assets of the French group and relaunching them.
The Faurecia Group, one of the world's largest manufacturers of interiors and exhaust systems, made the decision to exit Russia at the beginning of 2023. In 2022, following a merger with Hella (specializing in electronics), the group adopted the name Forvia.
According to the company's report for 2022, it was stated that the group's activity in Russia was "very limited," accounting for 0.4% of the total sales volume in 2022, compared to 1.4% the previous year. At that time, the company estimated the costs associated with ceasing operations in Russia at 130.3 million euros, with 103.9 million euros attributed to restructuring expenses and 26.4 million euros to other costs.
The main buyers of the group's products in Russia were the Renault-Nissan alliance, AvtoVAZ, as well as Hyundai/Kia and Volkswagen.
