Valeo has completed the purchase of Connaught Electronics, an Irish producer of vehicle electronics.
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“This acquisition strengthens Valeo’s driving assistance domain through the extension of its line of camera-based vision solutions for low-speed manoeuvring, the French components maker said.
Headquartered in Tuam near Galway in Ireland, Connaught is a private company which develops and produces automotive electronic components, particularly camera applications for driving assistance functions and radio frequency applications for remote vehicle access and security.
The company employs nearly 300 people at two facilities in Tuam, Ireland and in Humpolec, Czech Republic.
With annual sales of EUR37m in 2007, this new division is expected to double its sales by 2010. In the past two years, Connaught has won “significant” orders from two leading European car makers for innovative camera-based technology.
“This acquisition is fully in line with our strategy to strengthen our product portfolio in our three domains of driving assistance, powertrain efficiency and comfort enhancement,” said Valeo chairman and CEO Thierry Morin.
“Connaught’s low-speed manoeuvering solutions are fully complementary to our extensive driving assistance domain product offering and we’re confident this market segment has a great potential.”
