FRANCE: Valeo forms new radiator joint venture
Valeo has signed an agreement to acquire 50% of Threestar, the largest automotive radiator manufacturer in Korea.
The new entity, in which the Samsung Climate Control Group holds the other 50%, will be called Valeo Samsung Thermal Systems.
The creation of this joint venture reinforces Valeo's presence in Korea, where it already has five production sites and two research & development centres, and is in line with the group's strategy of growth in Asia.
The joint venture will develop and manufacture automotive heat exchangers for local car makers such as Kia and Hyundai.