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Valeo Holds 100% of the Capital of its Subsidiary Valeo Climatisation
Paris (ots/PRNewswire) - Valeo announced today the acquisition of all of the shares held by Bosch Automotive Systems Corp. (Japan) in its subsidiary Valeo Climatisation SA, representing 7% of the share capital and voting rights.
Through the additional 7% of shares, Valeo now controls 100% of the capital and voting rights of the holding company within which Valeo's climate control activities are held. The Valeo Climate Control Branch, which had sales of 1 321 million euros in 2003, develops, manufactures and sells systems for heating, ventilation and air conditioning.
The market for these systems is expected to grow for all types of vehicle. Carmakers and drivers are increasingly interested by such systems which improve the quality of the air in the vehicle and are energy-efficient. Valeo Climate Control is one of the worldwide leaders in this business.
This acquisition, for a total of 62.5 million euros was financed through the Group's cash reserves.
Bosch Automotive Systems Corp. (Japan) acquired these shares in 2000.
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 130 plants, 65 R&D centers, 9 distribution centers and employs 70,200 people in 26 countries worldwide.
ots Originaltext: Valeo
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