L&T Technology Services (BSE: 540115, NSE: LTTS), a leading global player in Engineering and R&D services, and FORVIA, 7th global automotive supplier, signed a strategic partnership – which represents a contract of approximately €45 million - on Engineering development activities for the benefit of its Clean Mobility division.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240501871231/en/
As part of this five-year partnership, approximately 300 engineers from FORVIA’s Augsburg (Germany) and Bangalore (India) sites, have transferred to LTTS. This represents a 95% transfer success rate securing the skills of these teams who will develop internal combustion engine related engineering activities from within LTTS.
With LTTS at the helm, these engineers continue their activities for FORVIA from their current locations, guaranteeing seamless collaboration and ongoing support for end customers across Digital PLM initiatives. FORVIA is addressing the evolving automotive landscape on ultra-low emissions while ensuring high-quality engineering support and providing opportunities for maintaining employment.
The partnership will deliver engineering services for FORVIA. Additionally, not only will it secure the career path of transferred employees, but it will also enrich their skillsets with exposure to LTTS’ extensive portfolio. A key part of the agreement is the capacity given by FORVIA to LTTS to train and reskill these engineers who, supported by the LTTS Global Engineering Academy, will be repositioned over time to work in other fields within the LTTS commercial network.
“Our collaboration with FORVIA underscores our proficiency in the transportation and automotive industry, while simultaneously reinforcing our dedication to spearheading progress in the field of traditional engine technologies and new-age digital transformation for ultra-low emissions and clean mobility," stated Amit Chadha, CEO and Managing Director of L&T Technology Services. “This groundbreaking partnership serves as a testament to our sophisticated capabilities, enabling FORVIA to maintain and strengthen its industry leadership.”
"L&T Technology Services is a company that shares our commitment to innovation and quality. This strategic partnership shows how we are committed to protect our leadership in the ultra-low emission business and employee interests in a changing environment. As one of the world’s leading engineering service providers, LTTS is the ideal partner to ensure FORVIA secures key competences in the energy transition context,” said Patrick Koller, CEO of FORVIA.
About FORVIA, whose mission is: “We pioneer technology for mobility experiences that matter to people”.
FORVIA, 7th global automotive technology supplier, comprises the complementary technology and industrial strengths of Faurecia and HELLA. With around 260 industrial sites and 78 R&D centers, over 150,000 people, including more than 15,000 R&D engineers across 40+ countries, FORVIA provides a unique and comprehensive approach to the automotive challenges of today and tomorrow. Composed of 6 business groups and a strong IP portfolio of over 13,000 patents, FORVIA is focused on becoming the preferred innovation and integration partner for OEMS worldwide. In 2023, the Group achieved a consolidated revenue of 27.25 billion euros. FORVIA SE is listed on the Euronext Paris market under the FRVIA mnemonic code and is a component of the CAC Next 20 and CAC SBT 1.5° indices. FORVIA aims to be a change maker committed to foreseeing and making the mobility transformation happen. www.forvia.com
About L&T Technology Services Ltd
L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 57 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 23,800 employees spread across 22 global design centers, 28 global sales offices and 104 innovation labs as of March 31, 2024. For more information, please visit https://www.LTTS.com/
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501871231/en/
Contacts
Media Contact:
Aniruddha Basu
L&T Technology Services Limited
E: Aniruddha.Basu@Ltts.com
Anindita Sarkar
L&T Technology Services Limited
E: Anindita.Sarkar@Ltts.com
