Valeo is selling its heavy duty truck engine cooling division to Northern European private equity group EQT but did not disclose the amount to be paid.
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The division with three manufacturing sites – in Mjällby and Linkoping, Sweden and Jamestown, New York –employs around 900.
It supplies engine cooling modules and other powertrain cooling components for large trucks, buses, off-highway equipment and industrial diesel engines. The division had sales of EUR176m in 2007.
“This project is in line with Valeo’s strategy to divest non-core businesses, as the group wishes to focus its engine cooling activity on passenger cars and light trucks,” the parts maker said in a statement.
The sale is subject to consultations with employee representative committees and approval by antitrust authorities, Valeo added.
