The French commercial court approved on August 14th, plans by India’s Argentum Motors to acquire a controlling stake in Heuliez, which had been under bankruptcy protection since December 2007.
Under the rescue plan, operational activities at Heuliez will be spun off into three business units.
- Heuliez Engineering and Design will use the design experience of Heuliez and the R&D center of Argentum to create a global leader in automotive design and analysis.
- Heuliez Electric will build electric vehicles under the Heuliez brand for the global market. The company will also look for global partners to develop electric vehicle technology and vehicles.
- Heuliez Manufacturing will oversee Heuliez factories in France, India, Spain and Slovakia. The company will also support Argentum by distributing Argentum products in Europe and it will leverage Heuliez patents in retractable hardtop technology.
Argentum will own 60 percent equity in the company.
Heuliez currently builds the Opel Tigra TwinTop, but the contract ends in 2009.