Forvia SE commences an Equity Buyback Plan for 19,708,934 shares, representing 10% for ?1,576.71 million, under the authorization approved on May 30, 2023.
April 07, 2024
Share
Forvia SE (ENXTPA:FRVIA) commences share repurchases on April 3, 2024, under the program mandated by the shareholders in the Annual General Meeting held on May 30, 2023. As per the mandate, the company is authorized to repurchase up to 19,708,934 shares, representing 10% of its issued share capital for ?1576.71 million. The shares will be repurchased at a maximum price of ?80 per share, The purposes of the share repurchase program is to hedge stock option plans and/or free share allocation plans (or similar plans) to the benefit of employees and/or Group corporate officers, to hedge the commitments made by the Company under financial contracts or options with payment in cash granted to the Group?s employees and/or corporate officers, to hedge securities giving access to the allocation of Company shares, to retain the shares purchased and use these shares for exchange or payment at a later stage, as part of any possible merger, demerger, contribution and external growth transactions, to cancel the shares and support the secondary market or the liquidity of company's shares, through an investment service provider under a liquidity contract in accordance with the practices permitted by the Autorité des Marchés Financiers. The authorization will be valid for a period of 18 months.
On April 2, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to 750,000 shares. The repurchases will commence from April 3, 2024 and will be valid till May 29, 2024.
FORVIA SE is one of the world leaders in designing, manufacturing, and marketing automotive equipment. Net sales break down by product family as follows:
- seats (31.4%; No. 1 worldwide);
- interior car parts (18.1%; 1 worldwide): dashboards and instrument panels (No. 1 worldwide), doors and door panels, and acoustic modules;
- exhaust systems (17.7%; No. 1 worldwide);
- audiovisual and multimedia equipment (15.2%): car radios, multimedia devices, navigation systems, automatic guiding systems, location systems, safety assistance systems with CDD captor cameras, wireless communication, monitors, etc.;
- lighting equipment (13.7%);
- other (3.9%).
At the end of 2023, the group had more than 290 production sites worldwide.
Net sales are distributed geographically as follows: France (6.2%), Germany (10.9%), Europe/Middle East/Africa (29.3%), Asia (27.1%) and America (26.5%).
Forvia SE commences an Equity Buyback Plan for 19,708,934 shares, representing 10% for ?1,576.71 million, under the authorization approved on May 30, 2023.
FORVIA (EX-FAURECIA) 
