Valeo announces the sale of its propulsion systems business in Russia to NPK Avtopribor
18 August 2023 - 8:30AM
Valeo announces the sale of its propulsion systems business in
Russia to NPK Avtopribor
PRESS RELEASEParis, 18 August
2023
Valeo announces the sale
of its propulsion systems businessin
Russia to NPK Avtopribor
As part of its decision to divest its production
activities in Russia, Valeo announced today that it has signed an
agreement with NPK Avtopribor for the sale of all of Valeo's
production assets of its Powertrain Systems business in Russia.
Completion of this transaction is subject to obtaining the
necessary regulatory approvals. It will enable the 158 Russian
employees in this business to keep their jobs. This sale will be
carried out without any capital gain or loss. Valeo will also have
a buyback option for 10 years, which can be activated from the 6th
year.
Valeo's sales in Russia previously represented
less than 1% of Group sales, and the related assets were
depreciated in 2022 for a total amount of 43 million euros.
About
Valeo
As a technology company and partner to all
automakers and new mobility players, Valeo is innovating to make
mobility cleaner, safer and smarter. Valeo enjoys technological and
industrial leadership in electrification, driving assistance
systems, reinvention of the interior experience and lighting
everywhere. These four areas, vital to the transformation of
mobility, are the Group's growth drivers.Valeo in figures: 20
billion euros in sales in 2022 ; 109,900 employees at December 31,
2022 ; 29 countries, 183 plants, 21 research centers, 44
development centers, 18 distribution platforms.Valeo is listed on
the Paris Stock Exchange.
Media Relations
Dora Khosrof | +33 7 61 52 82 75Caroline De Gezelle | + 33 7 62
44 17 85press-contact.mailbox@valeo.com
Investor Relations
+33 1 40 55 37 93valeo.corporateaccess.mailbox@valeo.com
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