PARIS -- French supplier Faurecia has agreed to sell its SAS Cockpit Modules arm to fellow automotive supplier Motherson Group, in a transaction based on an enterprise value of 540 million euros ($577.5 million), Faurecia said in a statement.
Faurecia last year took over German rival Hella to form a new European car parts company called Forvia, and Faurecia chief Patrick Koller said the sale of the SAS business would help Forvia to focus better on its core activities.
"I am convinced that this transaction would unlock additional value for SAS," Koller said in the statement.
"This would also allow Forvia to focus on its core business activities developing breakthrough technologies and would fulfil our non-strategic asset divestment program of 1 billion euros by end-2023," he added.
SAS specializes in the development and production of cockpit modules for motor vehicles and trucks.