PARIS — After Faurecia’s acquisition of a controlling stake in Hella, the mixed firm will likely be generally known as Forvia, the 2 suppliers stated Monday.

Faurecia and Hella will proceed to function as two separate authorized entities, and can promote merchandise below every model identify, they stated. They’ll talk below the Forvia identify, nevertheless.

The Forvia identify combines the phrases “ahead” and “by way of,” the information launch stated, and “is concerning the motion and the mandatory agility in addition to the newly mixed group’s dedication, confidence and motion.”

“This new identify displays core parts of our Faurecia and Hella manufacturers, as nicely giving a great translation of our shared function – inspiring mobility,” Faurecia CEO Patrick Koller stated.

Hella stated Friday that CEO Rolf Breidenbach would go away his place by June 30 however would proceed in an advisory function. 

Faurecia’s 5.3 billion euro ($5.95 billion) acquisition of the stake in Hella was finalized on the finish of January, after the French interiors provider gained a bidding struggle for the German lighting, sensor and energy electronics specialist.

Faurecia now holds 79.5 p.c of Hella. The deal included 60 p.c of Hella shares from a pool of household shareholders, and 19.5 p.c from the settlement of a public takeover supply.

The mixed firm can have greater than 150,000 workers, together with greater than 35,000 engineers, with a presence in additional than 40 international locations.

Primarily based on 2020 gross sales, it is going to rank eighth on Automotive Information Europe’s checklist of the highest 100 world automotive suppliers, with mixed gross sales of about $24 billion, simply behind Hyundai Mobis, with gross sales of $25.1 billion. 

Faurecia itself was fashioned in 1998 from the merger of seating provider Bertrand Faure and ECIA, the components division of Peugeot-Citroen. It was divested from PSA forward of the merger with Fiat Chrysler that fashioned Stellantis in January 2021.