(Corrects details of purchase in May 3 story beginning in first paragraph.)
May 3 (Bloomberg) -- Faurecia SA, Europe’s largest maker of car interiors, agreed to buy Ford Motor Co.’s car interior business in Saline, Michigan, for an undisclosed amount to increase its market share in the U.S.
Saline has $1.1 billion in annual sales from cockpit modules, instrument panels, door panels and center consoles for vehicles assembled at Ford plants, the Paris-based company said in an e-mailed statement.
The unit is owned by Ford’s Automotive Components Holdings unit and makes automotive interiors for vehicles such as the F150. Dearborn, Michigan-based Ford will become Faurecia’s third-largest customer after Volkswagen AG and PSA Peugeot Citroen, the company’s majority shareholder.
Faurecia said it will create a Detroit-based joint venture with Rush Group Ltd. Faurecia would own 45 percent of the company, which will make injection molding and assemble interior trim components, according to the statement. Some of Saline’s activities will be shifted to the venture, after which Saline will focus on injection molding, skin manufacturing and foam and have annual revenue of about $400 million.
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