Monday 2023-10-02

HELLA and MAHLE are selling their respective 50 percent stake in the Behr-Hella Thermocontrol (BHTC) joint venture to AUO Corporation. The parties signed the relevant agreement today. The total purchase price is based on an enterprise value of € 600 million. The transaction is currently still subject to approval by the relevant foreign trade and antitrust authorities; closing is expected to take place by mid-2024. AUO, based in Taiwan, specializes in particular in display panel products and solutions.

The agreed sale of shares is the result of constructive discussions between MAHLE and HELLA regarding the future positioning and direction of BHTC. These talks were initiated against the backdrop of a change of control clause in the joint venture agreement after the technology company Faurecia acquired a majority stake in HELLA.

"BHTC is a well-positioned, future-oriented company. However, after consideration of all the framework conditions, we have jointly reached the conclusion that BHTC has greater growth opportunities under a new owner than in the current shareholder structures," says HELLA CEO Michel Favre. "With our divestment from the joint venture, we are also continuing our established portfolio management. In this context, we are strengthening our focus and resource allocation on our core business groups Lighting, Electronics, and Lifecycle Solutions."

BHTC, headquartered in Lippstadt (Germany), is a leading company in the field of air conditioning control as well as a specialist for system solutions in the field of HMI (Human-Machine-Interface). BHTC currently employs around 2,900 people worldwide and generated sales of € 619 million in 2022. BHTC was founded in 1999 as a joint venture between the two equal shareholders MAHLE and HELLA.