VALEO (EPA:FR) Valeo acquires an 80% stake in the Chery Group's lighting company in China
Transparency directive : regulatory news
03/01/2012 08:07
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Press release12.02
Valeo acquires an 80% stake in the Chery Group's lighting company in China
Paris, January 3, 2012 - As part of its development strategy in high-growth
countries, and particularly China, Valeo has acquired an 80% shareholding in the
company Ruby (a lighting specialist) from Chery Technology, a subsidiary of
Chinese automaker Chery Automobile. Chery Technology will retain a 20% stake in
the company.
Located at Wuhu in Anhui province, this joint venture, which will be renamed
Wuhu Valeo Automotive Lighting Systems, will design, manufacture and sell Valeo
Lighting Systems products, mainly for Chery Automobile on the Chinese market.
"This operation is in line with Valeo's growth strategy in China and Asia, which
represented 25% of our original equipment sales in the third quarter of 2011
thanks to the acquisition of Niles, and should reach over 30% by 2015, in line
with the objectives presented in March 2011 ," stated Valeo CEO Jacques
Aschenbroich.
The business will be integrated within the Group's Visibility Systems Business
Group.
The Chinese automaker Chery Automobile, created in 1997, is based at Wuhu in
Anhui province. With 2011 annual production estimated at nearly 700,000
vehicles, Chery Automobile has become one of China's leading automakers.
Valeo is an independent industrial Group fully focused on the design, production
and sale of components, integrated systems and modules for the automotive
industry, mainly for CO2 emissions reduction. Valeo ranks among the world's top
automotive suppliers. The Group has 125 plants, 21 research centers, 39
development centers, 10 distribution platforms and employs 67,900 people in 28
countries worldwide.
For additional information, please contact:
Media Relations
Phone: +33 1.40.55.21.75/ +33 1 40 55 37 18
For more information about the Group and its activities, please visit our
website
www.valeo.com.
source : webdisclosure.com
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