Valeo has confirmed the acquisition of telematics and mobile connectivity solutions supplier, Peiker, after receiving anti-trust authorisation.
The acquisition of Peiker, which is expected to report sales of around EUR325m (US$361m) for 2015, will have a positive impact on Valeo’s results starting next year says the French supplier.
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This acquisition reinforces Valeo’s presence in Germany by integrating 700 local employees, including 150 engineers. More broadly, the Peiker inclusion will add more than 1,000 employees around the world, in Germany, Mexico, US, France and China.
“I wish to pay tribute to Andreas Peiker, who has led the company for over three decades,” said Valeo chairman and CEO, Jacques Aschenbroich. “Andreas has managed to drastically transform a 100-employee, EUR10m traditional company mainly focused on acoustic products into a high technology worldwide leader in vehicle connectivity.
“His entrepreneurial spirit is probably best illustrated with the decision he made to heavily invest in the first generation of embedded telematic products in 2008, when the automotive economy was facing its worst downturn in decades.”
