Valeo: proposed sale of business to Raicam.
(CercleFinance.com) - Valeo has said that it intends to sell its activities in the field of passive hydraulic actuators in order for the European Commission to authorise it to acquire FTE.
The group says that it has held talks with the Italian automotive components supplier Raicam regarding this sale.
These discussions resulted in a project that will be subject to a prior consultation with the social partners involved, and will be subject to the prior agreement from the European Commission as part of its review of the proposed acquisition of FTE.
This business generated revenues of 76 million euros in 2016, and has slightly over 400 employees in three factories in Italy, Turkey and China. In the event of receiving the go-ahead from Brussels, the proposed sale could be finalised in the last quarter of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The group says that it has held talks with the Italian automotive components supplier Raicam regarding this sale.
These discussions resulted in a project that will be subject to a prior consultation with the social partners involved, and will be subject to the prior agreement from the European Commission as part of its review of the proposed acquisition of FTE.
This business generated revenues of 76 million euros in 2016, and has slightly over 400 employees in three factories in Italy, Turkey and China. In the event of receiving the go-ahead from Brussels, the proposed sale could be finalised in the last quarter of 2017.
Copyright (c) 2017 CercleFinance.com. All rights reserved.