Valeo Announces the Signing of a Memorandum of Understanding for the Acquisition of Ford Thermal Systems Facility in North America
Paris, France (ots/PRNewswire)
Valeo today announced that it had signed a Memorandum of Understanding with Ford Motor Company to acquire their Thermal Systems facility, Sheldon Road, (Plymouth, Michigan). This acquisition is conditional upon reaching a new and competitive agreement with the United Auto Workers Union (UAW).
The activity currently employs around 1,250 employees (of which about 1,000 are unionized hourly employees) and supplies air-conditioning units and radiators to Ford in North America. It has forecast sales in 2006 of around 450 million US dollars.
This acquisition is part of Valeo's strategy to be a global leader in its core product lines. Valeo Climate Control had sales of 1,510 million euros in 2005 and employs 6,600 people in 13 facilities.
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 and employs 73,800 people in 134 plants, 71 R&D centers and 9 distribution centers in 29 countries.
For more information, please contact:
Remy Dumoulin,
Investor Relations Director,
Tel.: +33-1-40-55-29-30
Kate Philipps,
Communications Director,
Tel.: +33-1-40-55-20-65Contact:
For more information, please contact: Remy Dumoulin, Investor
Relations Director, Tel.: +33-1-40-55-29-30. Kate Philipps,
Communications Director, Tel.: +33-1-40-55-20-65