PARIS, April 19 (Reuters) - Car parts maker Faurecia has signed a deal to sell its automotive exteriors business to Plastic Omnium for an enterprise value of 665 million euros ($753 million) to reduce debt.
The transaction, which is due to close this year, involves Faurecia's bumpers and front-end modules business, which had sales of 2 billion euros in 2015 and employs 7,700 people at 22 sites.
This sale, combined with January's early redemption of a convertible bond, will almost completely eliminate Faurecia's debt, the company said in a statement on Tuesday.
"The group will thus be able to accelerate investment in value-added technologies for sustainable mobility and enhanced life on board," the company said.
Faurecia, which is 47 percent owned by Peugeot, added that the composite materials part of the exteriors business was not included in the sale. ($1 = 0.8831 euros) (Reporting by James Regan; Editing by David Goodman)