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Valeo Establishes New Joint Venture in China, With Ichikoh, and Increases Shareholding in Hubei Valeo to 100%
Paris, France (ots/PRNewswire) - Valeo (OTC: VLEEY) today announced the establishment of a Chinese joint venture with Ichikoh, one of Japan's largest lighting systems manufacturers. This operation, the Group's thirteenth in China, demonstrates Valeo's continuing commitment to the Chinese automotive market and further strengthens its presence in the country.
The new company, Foshan Valeo Ichikoh Auto Lighting Systems Co., Ltd., is a 50/50 joint venture between Valeo and Ichikoh. It will initially manufacture advanced automotive lighting systems for Japanese carmakers based in China. A new 34,000 sq. m. plant, located in Foshan, near Guangzhou, will start production in April 2007. When fully operational, it will employ 400 people.
The Group also announced that it had increased its shareholding in its other Chinese joint venture Hubei Valeo Auto Lighting Systems Co., Ltd. from 75% to 100%.
The Foshan Ichikoh Valeo and Hubei Valeo lighting plants will work closely with the 70 engineers at the Valeo Automotive Lighting Systems China Technical Center in Wuhan.
"The Chinese market represents a key part of Valeo's future growth. By creating this new joint venture with Ichikoh and taking the full control of Hubei Valeo, the Group reinforces its presence in Asia and its strategic position as a supplier of world class lighting technology to all customers", said Thierry Morin, Valeo Chairman & CEO.
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 134 plants, 68 R&D centers, 9 distribution centers and employs 70,400 people in 27 countries worldwide.
For more information, contact:
Alexandre Telinge, Group Media Relations & PR Manager, Tel.: +33-1-40-55-20-74
Matthieu de Crevoisier, Group Media Relations Coordinator, Tel.: +33-1-40-55-37-68
ots Originaltext: Valeo
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For more information, contact: Alexandre Telinge, Group Media
Relations & PR Manager, Tel.:
+33-1-40-55-20-74; Matthieu de Crevoisier, Group Media Relations
Coordinator, Tel.: +33-1-40-55-37-68