Valeo Creates a Joint Venture in Korea for Engine Cooling Systems

PARIS, December 23 -- Valeo today announced the signing of an agreement for the acquisition of 50% of Threestar, the largest automotive radiator manufacturer in Korea. The new entity, in which the Samsung Climate Control Group holds the other 50%, will be called Valeo Samsung Thermal Systems.

The creation of this joint venture reinforces Valeo's presence in Korea, where it already has five production sites and two Research & Development centers, and is in line with the Group's strategy of growth in Asia.

The joint venture will essentially develop and manufacture automotive heat exchangers for local carmakers such as Kia and Hyundai. These carmakers will therefore benefit from new technologies developed by Valeo, world leader in engine cooling.

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 131 plants, 68 R&D centers, 9 distribution centers and employs 72,400 people in 27 countries worldwide.

Bruno-Roland Bernard, Group Communications Director, +33-(0)1-40-55-37-86, or Remy Dumoulin, Investor Relations Director, +33-(0)1-40-55-29-30, both of Valeo