PARIS, July 8 (ots/PRNewswire)
- Valeo today announced that it had
increased its participation in Nanjing Valeo Clutch Company (NVCC),
its clutch systems joint venture in China, through a capital
increase and a new partnership structure. This increases Valeo's
control in the company and will facilitate the introduction of new
technologies and new products. NVCC now has the necessary resources
to address new markets in China and abroad.
Thierry Morin, Valeo Chairman and CEO commented "This move is
part of our strategy to strengthen our presence in China in order to
benefit from the enormous opportunities of the Chinese automotive
market. In the past year we have increased our participation in four
of our Chinese joint ventures which will enable us to introduce
Valeo processes and methodologies as well as the technology
innovations that this market demands."
NVCC was created in 1997 as a 50-50 joint venture with Nanjing
Automotive Company and makes clutch systems for all types of
vehicles. The new structure introduces a third partner: Valeo Pyeong
Hwa, a joint venture between Valeo and Pyeong Hwa in South Korea.
The new ownership structure of NVCC is 35% Valeo, 40% Valeo Pyeong
Hwa and 25% Nanjing Automotive Corporation. Valeo now has a 55%
interest in the company.
This transaction is subject to approval by the Chinese
authorities and is expected to be completed by the end of August.
Valeo started in China in 1994 with the opening of its Beijing
Head Office and the creation of joint ventures for wiper systems and
climate control systems. Other joint ventures followed rapidly to
bring the total to eight. Product lines manufactured are lighting
systems, starters and alternators, wiper systems, security systems,
heating, ventilation and air conditioning systems, motors and
actuators and clutches. Valeo employs almost 3,000 people in China
and serves all major passenger car and truck OEMs in the Chinese
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. The Group has 129 plants, 65 R&D centres, 9
distribution centres and employs 68,700 people in 26 countries
ots Originaltext: Valeo
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Media contacts: Sophie Porte, Valeo Paris, +33-1-4055-3768,