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Faurecia Continues to Forge Ahead in the US with Acquisition of APAS

17 November 1999

Faurecia Continues to Forge Ahead in the United States with the Acquisition of APAS, the US No. 3 in Exhaust Systems

    PARIS, Nov. 17 -- Faurecia, Europe's No. 1 complete exhaust
systems manufacturer, has signed an agreement with the US investment fund
Questor Partners Fund I for the acquisition of APAS, the third largest
supplier of exhaust systems in the United States, for a maximum firm value of
340 M$ (including financial indebtedness).
    APAS will post sales of around 560 M$ in 1999, of which 80% will be
achieved in the United States and the rest mostly in Europe.  APAS has
5 production sites in the United States, 1 in Sweden and 1 in the Netherlands,
as well as 2 technical centres (United States and Sweden).  The Group employs
2,500 people, 200 of whom are directly involved in research and development.
    Following the signing a few weeks ago of a major contract with General
Motors for automotive seats in the United States, this acquisition further
confirms the strategy announced by Group CEO, Daniel Dewavrin, to consolidate
Faurecia's presence in the US market.
    This new entity will take its place among the three world leaders in the
exhaust systems sector, behind the two American groups Tenneco and Arvin.  On
a proforma basis, the consolidation of Faurecia's and APAS' exhaust systems
activities would have achieved 1998 proforma sales of 1,135 ME.  This division
will be present in 19 countries and will employ 6,000 people (of whom 500 in
R&D) at 25 different sites.
    The two companies' customer portfolios are totally complementary, as are
their respective technologies and industrial plants.
    Following the combination of their activities and the subsequent
reorganisation, the new entity will achieve the necessary means to improve its
competitiveness, provide automakers with a complete product range on their
main markets worldwide, and win new contracts for global platforms.
    The operation, expected to be finalised at the end of 1999, is subject to
approval from antitrust authorities in Europe and the United States.

    Faurecia is specialised in the development, design and production of
automotive equipment and is organised around four main activities:  seating,
exhaust systems, vehicle interiors, front-end. In 1998, the Group posted sales
of 3,937 ME. Faurecia employs 30,000 people in 25 countries at more than
100 sites.

    CONTACT:  Faurecia Group Communications, +33-1-41-22-7006,
              or fax, +33-1-41-22-7010.