2011 Registration Document - Valeo

1 Presentation
PAGE 18
of Valeo and its businesses
Presentation of Valeo
1999
Acquisition of a division of Mando (electrical systems in
South Korea).
Sale of its 50% stake in the German company LuK.
2000
Creation of a joint venture with Unisia Jecs (transmissions
in Japan).
Acquisition of a stake in Zexel (thermal systems).
Strategic alliance with Ichikoh (lighting systems in Japan).
Acquisition of Labinal’s automotive business (Argentina,
Eastern Europe, Italy, Spain, France, India, North Africa
and Portugal).
The 2000s
The Group implemented a program of industrial streamlining
with production reorganized across fewer sites, a greater
portion of sites in low-cost regions, and the sale of selective
non-strategic activities.
As from 2004, the Group focused on technology through
targeted acquisitions, while accelerating its expansion in Asia,
particularly China.
2001
Sale of the Filtrauto business and of Valeo Transmissions Ltd.
UK.
2003
Valeo increased its stake in the joint venture ZVCC (Zexel
Valeo Climate Control) to 50%.
Valeo increased its stakes in two Chinese joint ventures,
to 50% in electrical systems and 55% in wiper systems.
2005
Acquisition of the Engine Electronics division of Johnson
Controls (JCEED), which designs and produces complete
engine management systems, electronic control units and
electronic motor drives as well as engine components.
Acquisition of shares held by Bosch in the Group’s Climate
Control businesses in Asia (Zexel Valeo Climate Control
and Valeo Zexel China Climate Control). This gave Valeo
2011 Registration D ocument - VALEO
control of the entire share capital of its climate control and
compressor production businesses.
Increase in Valeo’s stakes in two Thai companies, Siam
Zexel Co., Ltd. and Zexel Sales Thailand Co., Ltd. –
specializing in climate control systems – to 74.9%.
Creation of a new joint venture with FAWER, the automotive
supply branch of FAW, in China. The new entity, 60%-owned
by Valeo, develops and manufactures compressors for
climate control systems aimed at the Chinese market and
at export. Its plant is located in Changchun in the northeast
of China.
Creation of a joint venture with Hangsheng Electronics, a
Chinese tier one automotive supplier, for the production of
ultrasonic parking assistance systems. Valeo owns a 75%
share in this joint venture.
Increase in its stake in Ichikoh, the Japanese manufacturer
of automotive lighting systems and mirrors to 28.2%.
2006
Sale of its Electric Motors & Actuators business to the
Japanese group Nidec, as well as its stake in Bluetooth
specialist Parrot, and Logitec, a logistics business in Japan.
Acquisition of a 50% stake in Threestar, a leading South
Korean radiator manufacturer. This new entity, of which the
other 50% is held by Samsung Climate Control Group, is
called Valeo Samsung Thermal Systems.
Creation of a new joint venture in China, with Ichikoh, and
increase of its shareholding in Hubei Valeo Auto Lighting
Co. to 100%.
2007
Sale of the Wiring harness business to Leoni.
Acquisition of Connaught Electronics Ltd. (CEL), an Irish
manufacturer of automotive electronics.
Two joint ventures were launched in India: Valeo Minda
Security Systems and Valeo Minda Electrical Systems India
Private Limited.
2008
Sale of its truck engine cooling division to EQT, a Northern
European investment fund.
Creation of a joint venture with the Russian company Itelma,
which supplies automotive parts to Russian manufacturers,
in which Valeo holds a 95% stake.