PARIS - PSA/Peugeot-Citroen will merge its parts subsidiary ECIA with Bertrand Faure, the leading European seat maker and No. 3 in the world after Johnson Controls Inc. and Lear Corp.
ECIA will spend FF7.3 billion ($1.2 billion) to buy the remainder of Bertrand Faure.
Bertrand Faure Chairman Daniel Dewavrin will be chairman of the combined firm. The new company is unnamed, but it will include Bertrand Faure in its name.
In October 1996, ECIA bought a 16.3 percent stake in Bertrand Faure. PSA will own 51 percent of the ECIA-Bertrand Faure combination.
The new group will have FF24 billion ($4 billion) combined sales in the automotive business for 1997, and FF26 billion overall.