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Valeo Announces a Joint Venture in Iran for Its Engine Cooling Business
Paris (ots/PRNewswire) - Valeo today announced the signature of an agreement for the creation of a joint venture for its engine cooling business with Armco, the leading player in Iran and a current licensee of Valeo. The joint venture, which will be 51% owned by Valeo and 49% by Armco, will supply heat exchangers for the fast growing Iranian market. In particular the joint venture will supply products for the Peugeot 405 and 206 already manufactured in Iran, and for the Logan that will be produced in the country from 2006.
The joint venture will have one production facility in Saveh near Tehran and will employ around 120 people in 2005.
This joint venture will benefit from the synergies between the products and technologies of the two partners, and will be able to offer to automakers and the independent aftermarket a complete range of aluminium heat exchangers for the automotive market.
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 centers, 9 distribution platforms and employs 67,300 people in 26 countries worldwide.
ots Originaltext: Valeo
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Kate Philipps, +33-1-40-55-20-65; Rémy Dumoulin, +33-1-40-55-29-30