Valeo Announces Project to Sell Speed Controller Activity

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Mar 19, 2010, 03:50 ET

PARIS, March 19, 2010 /PRNewswire-FirstCall/ -- Valeo today announced a project to sell its Telma speed controller activity, which manufactures electromagnetic retarders, to the current management team.

The operation includes the activity's headquarters and main plant based in Saint Ouen l'AumÃ´ne, France, a joint venture plant in China and two distribution centers based in the U.K. and the U.S. The business employs 195 people, of which 123 are based in France. It generated sales of 39.4 million euros in 2009.

This project is in line with Valeo's strategy to divest non core businesses. The Telma speed controller activity was acquired with the automotive assets of Labinal in 2001.

The project is subject to consultation of the employee representatives.

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 120 plants, 21 Research centers, 40 Development centers, 10 distribution platforms and employs 52,200 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