Stellantis invites component companies to merge with the French ones – Corriere.it

On the one hand, there are those who see it as an opportunity to strengthen themselves. On the other hand, there are those who see it as the beginning of the French sack on Italian manufacturing. Feelings are wavering, one thing for sure: now that the Stellantis merger has become operational, the time for bureaucracy is over and the financial operation is beginning to have its first repercussions in the real economy, that is to say on our supply chain. For not too long, in fact, on input from the Lingotto, aggregations between some component companies in Northern Italy with others from the other side of the Alps similar for business have been started. The marriage, in the intentions of the Italian part of Stellantis that would have promoted it, should cancel the duplication within the mare magnum of the supply chain that previously helped FCA and PSA and from which the new carmaker, fourth in the world, will now have to draw. For the moment, a Piedmontese and two Lombard companies are interested in soundproofing panels and bodywork (door and part of the body). The wedding will therefore serve to rationalize and create synergies between the plants on both sides of the Alps. These three companies would be the first to have responded to the moral suasion started by Lingotto towards its related companies.

Non-equal aggregation

The merger, as occurred between Fiat Chrysler and Peugeot Group, would not be equal: even if the capitalization of the French company would be lower than the Italian one, the French company would have to subscribe a capital increase such as to lead it to hold always 60% of the new company, therefore to become the majority shareholder always and in any case. Let’s not forget that the FCA-PSA union will be finalized by distributing to the shareholders of the two car manufacturers respectively 1.340 billion and 1.350 billion in shares of Faurecia, the big world of components (115 thousand employees, 17 billion in revenues) within the perimeter of the Peugeot group and to which, according to some suppliers, some orders had already been made before by Italian companies.

An Italian champion

Furthermore, to worry even more, it would be the management that Paris would like to call for the most important races on models with large volumes. In short, our Faurecia, the pivot around which to aggregate suppliers, could have been Magneti Marelli; when the occasion has disappeared with its sale to Kkr, there are only forced marriages. Or – as someone hopes – to coagulate around the Adler Pelzer of Anfia president, Paolo Scudieri, a champion of acquisitions who at the end of the year had completed the last one: the acoustics division of Santhi’s Sts. The Campania group, with a turnover of 1.43 billion, works with major brands in the automotive and truck sector and participated in 28.1% by the Italian Strategic Fund from April 2018. In 2003 it bought the Polish and Villastellone plants from Lear Corporation and in 2007 its three Italian plants. In March 2016, Adler had risen to 100% of the capital of the German car soundproofing leader HP Pelzer Holding and in July 2017 he bought the British Cab Automotive. Perhaps the Italian pivot that Italian components would need to create our Faurecia?

January 18, 2021 | 21:42

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