Valeo Closes Niles Acquisition
Earlier in February 2011, Valeo has signed an agreement with RHJ International and Nissan to acquire Niles for E320m.
The acquisition has been approved by the relevant anti-trust authorities, and will be accumulated from the first year, which will enhance Valeo to become the manufacturer and supplier in the interior controls market.
Niles will join the comfort and driving assistance business group (internal controls, internal electronics and access mechanisms) of Valeo in July 2011.
Japan-based Niles has generated sales of E412m (JPY47 billion) in 2010, employs 3,900 people at eight production sites, and has a strong presence in Asia (mainly in Japan, Thailand and China).
Jacques Aschenbroich, CEO of Valeo, said: â€œAsia is a key market for the automotive industry and this has not been affected by the recent events. This acquisition will allow Valeo to strengthen its position with its traditional customers, particularly Nissan, and to reinforce its presence in Asia, notably in China and Thailand, where Niles plans to expand its industrial footprint in line with Valeoâ€™s objective to generate more than 30% of its sales in Asia by 2015.â€
Valeo is currently present in Asia with 29 production sites and 12 R&D centers. The Group employs nearly 12,200 people in the region, where it generates 19 percent of its sales.
Valeo is engaged in design, production and sale of components, integrated systems and modules for the automobile industry, mainly for the reduction of CO2 emissions. It has 109 plants, 20 research centers, 38 development centers and 10 distribution platforms and employs 60,900 people in 27 countries worldwide.
Will the acquisition enhance Valeoâ€™s position in interior controls market?
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