Valeo Signs Agreement to Acquire Japanese Company Niles |
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Valeo
4100 N. Atlantic Blvd.
Auburn Hills, MI, 48326
USA
Press release date: February 23, 2011
PARIS, February 23, 2011 - Valeo announced today the signing of an agreement with RHJ International SA and Nissan to acquire Niles, a Japanese automotive supplier which would reinforce Valeo's Comfort and Driving Assistance Systems Business Group. The transition amounts to 320 million euros (enterprise value). With this acquisition, Valeo would strengthen its position in Asia (Japan, China, Thailand) and with Japanese automakers, particularly Nissan. The Group would thus become world leader in the automotive Human-Machine Interface market.
This external growth project, relutive from the first year, is within the framework of the strategy presented to the Group's shareholders in 2010, aiming to reinforce Valeo's presence in Asia.
The agreement is subject to various preconditions, such as approval of the anti-trust authorities, before it can enter into effect.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for the automotive industry, mainly for CO2 emissions reduction. Valeo ranks among the world's top automotive suppliers. The Group has 110 plants, 20 Research centers, 38 Development centers, 10 distribution platforms and employs 57,300 people in 27 countries worldwide.
For more information about the Valeo Group and its activities, please visit our web site http://www.valeo.com.
Source: Valeo
For additional information, please contact: Fabienne de Brebisson, Group Communications Vice-President, Tel. +33.1.40.55.20.65; Sylvie Delion, Media Relations, Tel.: +33.1.40.55.20.96
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