FRANCE: Valeo takes control of China JV

3 November 2009 | Source: just-auto.com editorial team

French supplier Valeo has taken complete control of its Changchun joint venture, increasing to 100% its shareholding in the entity in which it previously held a 60% stake and Fawer 40%.

The new company, which employs 130 people and produces compressors for the Chinese and Asian markets, will be named Valeo Compressor (Changchun).

Valeo said sales in China are expected to exceed EUR400m in 2009, an increase of 25% compared to 2008. It has been in the country for 15 years and employs some 4,000 people in six development centres, 15 production plants, and a distribution centre.

Valeo remains Fawer's partner in the FAW-Valeo Climate Control Systems joint venture which produces HVAC systems.