FRANCE: Valeo sells headlamp unit
Valeo is selling its headlamp unit - which accounts for less than 1% of turnover - to a group of investors as part of a strategy to divest non-core businesses.
The unit has an R&D and manufacturing facility in France, and start-up activities in China. It employs around 250 people, 200 of which are in France, and generated sales of EUR46m (US$62m) last year.
The sale is to a group backed by European investment fund Syntegra Capital and regional development capital fund Picardie Investissements and is subject to consultation with worker representatives, Valeo said on Friday.
Valeo is due to unveil its new business strategy on 10 March. The group announced in July it would reorganise its business around four key areas of activity.
Previous CEO Thierry Morin had a target of selling activities accounting for EUR2bn of sales by 2010, but new CEO Jacques Aschenbroich said in September he had no such target.