Valeo Buys Out China JV Partner
November 3, 2009
November 3, 2009 (FinancialWire) — The Valeo Group (OTC: VLEEY) said it has increased to 100% its shareholding in an entity based in Changchun, China that develops and manufactures compressors. Valeo previously held a 60% stake, with joint venture partner Fawer holding the other 40%.
The new company, which employs 130 people and produces compressors for the Chinese and Asian markets, will be named Valeo Compressor Co., Ltd.
Valeo has been active in China for more than 15 years, with facilities in Shanghai, Wuhan, Nanjing, Guangzhou and Changchun. The group employs 3,995 people in six development centers, 15 production plants, and a distribution center.
The company projects its sales in China to exceed 400 million euros in 2009, an increase of 25% compared to 2008.
Valeo is also Fawer’s partner in the FAW-Valeo Climate Control Systems Co., Ltd. joint venture, which produces heating, ventilation and air conditioning systems.
Paris-based Valeo is an industrial group that is focused on the design, production and sale of components, integrated systems and modules for cars and trucks.
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