Valeo has announced that it is in negotiation with Leoni regarding the possible sale of its wiring harness activity, Valeo Connective Systems, which generated sales of EUR545m and an EBITDA of EUR36m in 2006.
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It employed 11,700 people at 12 industrial sites, including 9 in cost-competitive countries at 30 June 2007.
Subject to consultation of the employee representative committees and approval by the antitrust authorities, the negotiation could be completed by year end.
The divestiture of the wiring harness activity is in line with Valeo’s strategy, announced at the last AGM, to focus its product offer on solutions in the Domains of Driving Assistance, Powertrain Efficiency and Comfort Enhancement.
This sale is a step in the plan to divest activities amounting to around EUR2bn of sales by the end of 2008.
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