FRANCE: Valeo takes full ownership of China venture
Valeo on Friday said it had increased to 100% its shareholding in a JV based in Changchun, China, which develops and manufactures compressors.
Valeo 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 has operated in China for over 15 years, with facilities in the five automotive industry hubs (Shanghai, Wuhan, Nanjing, Guangzhou and Changchun). The group employs 3,995 people in six development centres, 15 production plants, and a distribution centre.
Sales in China are expected to exceed EUR400mi in 2009, an increase of 25% compared to 2008.
Valeo is Fawer's partner in the FAW-Valeo Climate Control Systems joint venture which produces HVAC units.