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Valeo Creates its First Joint Venture in Russia for the Production of Climate Control Systems

PARIS-June 20, 2008: Valeo announced today that it has signed an agreement for the creation of a joint venture for the production of HVAC (heating, ventilation and air-conditioning) systems with Itelma, a Russian supplier of automotive systems to Russian automakers. The new company, Valeo Climate Control Tomilino LLC, will be 95% owned by Valeo and 5% by Itelma.

Located in Tomilino (10 km from Moscow), the joint venture will develop, produce and sell Valeo Climate Control products and systems, including HVAC modules for passenger cars.

Thierry Morin, Valeo Chairman and CEO, said: “This joint venture is our first step in our growth strategy for Russia, where local production is growing by 20% a year and is expected to reach 4 million vehicles by 2015. We are entering the market at a very appropriate time as global automakers ramp up production in the country.”

Alexander Postnikov, Itelma Chairman, said: “Itelma is pleased to announce this joint venture with Valeo. We are sure that Itelma’s solid position in the Russian automotive market and Valeo’s technology will enable us to better serve our traditional and new OEM customers.”

Itelma is one of the leading manufacturers of engine management and on-board electronics, wire harnesses and exhaust systems for the automotive industry in the Russian Federation.

Valeo is an independent industrial group dedicated to the design, production and sale of components, integrated systems and modules for cars and trucks. It is one of the world's leading automotive suppliers. The Group has 125 production sites, 62 R&D centers, 9 distribution platforms, and employs 61,300 people in 28 countries.