Indian automotive manufacturer Argentum Motors announced it has signed definitive documents for acquisition of a controlling interest in French automaker, Heuliez S.A. The commercial court of Bressuire approved on Wednesday, the “safeguard plan” proposed by Argentum and Groupe Henri Heuliez and Heuliez SA.
As part of its proposal, Argentum Motors will invest up to 25 million Euros for an initial stake of 60 per cent in the French company. CDC (Caisse des Dépôts et Consignations) has also committed an investment of 5 million Euros into Heuliez.
In a broad restructuring plan Heuliez will be spun-off into three companies — Heuliez Electric, Heuliez Engineering & Design and Heuliez Manufacturing.
While Heuliez Electric will build electric vehicles under the HEULIEZ brand for the global market, Heuliez Engineering & Design will work closely with Argentum Engineering & Design to integrate Heuliez expertise with Argentum delivery capability.
Heuliez Manufacturing will utilise its facilities in Cerizay, India, Spain and Slovakia to build cars and automotive parts for the global market. The company will support Argentum by distributing Argentum products in Europe, leverage Heuliez's patents in retractable hard top technology and support Heuliez Electric in the manufacture of electric vehicles.
Heuliez has sales in excess of Euro 200 million and was founded in 1925. The company supplies components to global OEMs like Peugeot, Renault, Citroen, General Motors, EADS and Daimler Benz.