Valeo Acquires Connaught Electronics to Reinforce its Driving Assistance Domain
Paris (ots/PRNewswire) - Valeo announced today that it has completed the acquisition of Connaught Electronics Ltd. (CEL), an Irish producer of vehicle electronics. This acquisition strengthens Valeo's Driving Assistance Domain through the extension of its line of camera-based vision solutions for low-speed maneuvering.
Headquartered in Tuam near Galway in Ireland, CEL is a private company which develops and produces automotive electronic components, particularly camera applications for driving assistance functions and radio frequency applications for remote vehicle access and security. The company employs nearly 300 people at two facilities in Tuam, Ireland and in Humpolec, Czech Republic.
With annual sales of 37 million euros in 2007, this new division is expected to double its sales by 2010. In the past two years, CEL won significant orders from two leading European car makers for innovative camera-based solutions.
"This acquisition is fully in line with our strategy to strengthen our product portfolio in our three Domains of Driving Assistance, Powertrain Efficiency and Comfort Enhancement," said Thierry Morin, Chairman & CEO of Valeo. "CEL's low-speed maneuvering solutions are fully complementary to our extensive Driving Assistance Domain product offering and we're confident this market segment has a great potential."
Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 133 production sites, 67 R&D centers, 9 distribution platforms, and employs 72,300 people in 29 countries.
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ots Originaltext: Valeo Management Services
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