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| Valeo Signs Contract With Nidec for the Sale of its Electric Motors & Actuators Activity |
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Valeo today announced the signature of a contract for the sale of its Electric Motors & Actuators activity to the Japanese group Nidec for an enterprise value of 165 million euros. In 2005 this activity generated total sales of 253 million euros and an operating income of 9 million euros. The transaction should be closed by December 31, 2006.
The sale of the Electric Motors & Actuators activity is in line with Valeo's strategy to focus its offer on solutions in the Domains of Driving Assistance, Powertrain Efficiency and Comfort Enhancement.
This sale will allow the activity to develop as a key part of the growth strategy of Nidec, a leading global industrial company specialized in high range electric motors. Nidec has sales of over 4 billion euros with 19 manufacturing sites primarily in Asia.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks among the world's top automotive suppliers and employs 73,800 people in 133 plants, 71 R&D centers and 9 distribution centers in 29 countries.
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Source : http://www.theautochannel.com
(11/15/2006)
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