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Valeo Acquires 100% of the Capital of Zexel Valeo Climate Control Corporation (ZVCC) and Valeo Zexel China Climate Control (VZCCC)

Paris (ots/PRNewswire)

Valeo today announced that it has signed
an agreement for the acquisition of all the shares - held by Bosch
Automotive Systems Corp. (Japan) - in its subsidiaries ZVCC and
VZCCC, representing respectively 50% and 40% of the share capital and
voting rights.
At completion, Valeo will control 100% of the capital and voting
rights of these two companies. ZVCC and VZCCC are part of the Valeo
Thermal Systems Activity which develops, manufactures and sells
systems for heating, ventilation and air conditioning.
This market 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 Thermal Systems Activity is one of the
worldwide leaders in this business.
This acquisition, for a total of 103,5 million euros, will be
financed through the Group's cash reserves.
ZVCC and VZCCC were created respectively by Valeo and Bosch
Automotive Systems Corp. in 2000 and 2001.
The transaction is subject to regulatory approvals and will be
completed from the second quarter of 2005.
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.

Contact:

Press/Investors relations contacts : Kate Philipps,
+33-1-40-55-20-65, Remy Dumoulin, +33-1-40-55-29-30

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