Valeo has acquired actuator producer, FTE Automotive after receiving clearances from the European Commission and the Turkish Competition Authority.
FTE’s product portfolio and customer base are complementary to Valeo and will allow the supplier to expand its offering of active hydraulic actuators, a fast-growing market which has benefited from the rise of hybrid and electric vehicles.
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In 2016, FTE Automotive generated sales of around EUR550m (US$640m). The company has more than 3,800 employees and a manufacturing footprint in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.
The acquisition of FTE will be accretive to Valeo’s operating margin from year one.
“With the acquisition of FTE Automotive, Valeo is positioning itself as the technological leader on the actuators market and thereby consolidating its CO2 emissions reduction strategy,” said Valeo chairman and CEO, Jacques Ashenbroich.
“This acquisition will help strengthen Valeo’s Powertrain Systems business. We are happy to welcome FTE’s 3,800 employees to the Valeo Group.”
