Valeo has announced the establishment of a Chinese joint venture with Ichikoh, one of Japan’s largest lighting systems manufacturers.
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The new company, Foshan Valeo Ichikoh Auto Lighting Systems Co., Ltd., is a 50/50 joint venture between Valeo and Ichikoh. It will initially manufacture advanced automotive lighting systems for Japanese carmakers based in China. A new 34,000 sq. m. plant, located in Foshan, near Guangzhou, will start production in April 2007. When fully operational, it will employ 400 people.
Valeo also announced that it has increased its shareholding in its other Chinese joint venture Hubei Valeo Auto Lighting Systems Co., Ltd. from 75% to 100%.
The Foshan Ichikoh Valeo and Hubei Valeo lighting plants will work closely with the 70 engineers at the Valeo Automotive Lighting Systems China Technical Center in Wuhan.
“The Chinese market represents a key part of Valeo’s future growth. By creating this new joint venture with Ichikoh and taking the full control of Hubei Valeo, the Group reinforces its presence in Asia and its strategic position as a supplier of world class lighting technology to all customers”, said Thierry Morin, Valeo Chairman & CEO.
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