News of November 07, 2001
Valeo announces the sale of Valeo Transmission Ltd, UK
Paris - - Valeo announced the sale of Valeo Transmission Limited, UK (VTL) to three managers of the company, through a management buyout. VTL produces and distributes synchroniser rings and selector forks for manual gear boxes. VTL, a non-core activity within Valeo, became part of the Group in November 1997, as a result of the acquisition of Sagar-Richards Ltd. VTL employs 135 people in one plant located in Halifax, UK, and generated sales of about 14 million euros in 2000.
This divestiture is part of Valeo's strategy, announced at the Group's Annual General Meeting on May 9, 2001, aimed at refocusing the Group on its core businesses through the sale of non-core activities.
(November 5, 2001)