Michelin CGDEB (EU:ML)
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By Max Bernhard
Compagnie Generale des Etablissements Michelin (ML.FR) and Faurecia SA (EO.FR) plan to merge their hydrogen fuel-cell operations into a joint venture, the two automotive suppliers said Monday.
The new company will develop, produce and market fuel-cell systems for the automotive sector and be equally owned by Michelin and Faurecia. The business will get its name from Michelin's fuel-cell maker Symbio, which will be incorporated, the two French companies said.
Faurecia Chief Executive Patrick Koller said the move will accelerate the market launch of fuel-cell products.
"Our joint ambition is to create a center of excellence for hydrogen mobility in France through the gradual combination of our activities," he said.
This deal is subject to the approval of the relevant authorities.
Write to Max Bernhard at email@example.com; @mxbernhard
(END) Dow Jones Newswires
March 11, 2019 10:23 ET (14:23 GMT)
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