Valeo has formally acquired bus air conditioning supplier, Spheros from Deutsche Beteiligungs after receiving clearance from anti-trust authorities.
The French supplier noted the purchase will allow it to extend its thermal management activities in the bus market and will be accretive on Valeo’s earnings from the first year.
“We are delighted to welcome Spheros’ teams to Valeo” said Valeo chairman and CEO, Jacques Aschenbroich. “Their technological know-how, combined with the expertise of our Thermal Systems teams will enable the Group to consolidate its leadership in the air conditioning market.
“The integration of the 1,100 people at Spheros – leaders in the bus air conditioning market – represents a growth opportunity for Valeo, which will capitalise on the operation to develop a comprehensive range of air conditioning solutions to meet the needs of manufacturers of all types of vehicles, from passenger cars to buses.”
Valeo is an automotive supplier, partner to all vehicle makers worldwide. As a technology company, Valeo proposes products and systems that contribute to the reduction of CO2 emissions and the development of intuitive driving.
In 2015, the Group generated sales of EUR14.5bn (US$16.5bn) and invested more than 10% of its original equipment sales in research and development.
Valeo has 134 plants, 17 research centres, 35 development sites and 15 distribution platforms.
It employs 82,800 people in 30 countries worldwide.