Valeo closes sale of its Filtrauto business
Business EditorsPARIS--Nov. 5, 2001--Valeo (Paris: FR; OTC: VLEEY) announced today that it has closed the sale of 100 percent of the capital of its Filtrauto business to Sogefi S.p.a., a leading Italian automotive filter supplier.
This sale was announced on June 25, 2001 and was subject to regulatory approvals that have now been obtained. Filtrauto will be deconsolidated from the accounts of Valeo immediately.
Pursuant to the agreement between Sogefi and Valeo, the total consideration for Filtrauto amounts to 96.3 million euro, including the debt.
This divestment, which concerns approximately 2,500 people in 11 facilities, is part of Valeo's strategy to focus its resources on core activities with leading market positions and to divest its non-core activities.
Valeo is an independent industrial Group fully focused on the design, production and sale of components, integrated systems and modules for cars and trucks. Valeo ranks among the world's top automotive suppliers. The Group has 156 plants, 53 R&D centers, 10 distribution centers and employs 77,000 people in 25 countries worldwide.
For more information on the Group and its businesses, please consult our Web site: www.valeo.com