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PARIS - A unit of French automaker PSA Peugeot Citroen SA has agreed to buy EMCON Technologies, the car parts manufacturer based in Troy, Michigan, the companies said Monday.
Faurecia SA, the French car parts maker owned 71 percent by PSA Peugeot Citroen, said it will issue 20.9 million new shares to buy EMCON Technologies from its current owner, the JPMorgan Chase & Co. investment fund One Equity Partners.
At Faurecia shares' closing price Friday, the deal would value EMCON Technologies at around euro276 million ($408 million).
EMCON Technologies makes emissions control systems for automobile exhausts. It made revenue of euro2.4 billion ($3.6 billion) last year, and employs 6,000 people in 19 countries, Faurecia said.
In early trading Monday Faurecia shares rose 1.6 percent to euro13.43.
PSA Peugeot Citroen's stake in Faurecia will fall to 57.4 percent following the issue of new Faurecia shares, the company said. One Equity Partners will have a 19 percent stake in Faurecia following the deal.
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