Valeo With Zexel, Wins First Major Contract for Renault-Nissan Worldwide Platform
16 December 1999
Valeo With Zexel, Wins First Major Contract for Renault-Nissan Worldwide Platform
--Dec. 16, 1999--Valeo, with the Zexel Corporation, received today a 500 million Euro commitment to supply climate control systems for the new worldwide Renault-Nissan "B-Platform" vehicle.This is the first result of the co-operation between Valeo and Zexel in Japan. Commenting on the announcement, Valeo Chairman and CEO Noel Goutard stated: "The project represents a major breakthrough for both Valeo and Zexel. We are already reaping the benefits of the agreement signed in October of this year. Through our collective efforts we will supply Renault-Nissan with leading edge technology and service worldwide".
Earlier this year, Valeo and Zexel signed a Memorandum of Understanding (MOU) providing for the establishment of joint ventures in the areas of climate control and engine cooling. The joint operations will run 27 industrial plants and 17 Research and Development centers worldwide and employ nearly 11,000 people. Current combined estimated 1999 sales will total 2.4 billion euros with strong growth potential.
Valeo is an independent industrial Group fully focused on the design, manufacture and sale of components, integrated systems and modules for cars and trucks. Present in the original and aftermarket segments, Valeo is among the world's top 10 automotive suppliers, with estimated sales of 7.7 billion euros this year. The Group employs 50,400 persons worldwide and has 113 production facilities, 35 Research and Development centers and 10 distribution centers in 20 countries.