Valeo: finalises creation of a joint venture in Korea.
(CercleFinance.com) - After trading on Thursday Valeo reported that it has obtained the necessary regulatory approvals for the creation of a joint venture with the South Korean company CHP Group.
Both companies signed an agreement in February this year for the creation of a joint venture that aims to become the world leader in torque converters for automatic and continuous variable transmissions.
The company, which has about 3,150 employees, will be controlled and therefore consolidated by Valeo under global integration. It is expected to generate annual revenues of around one billion euros, and will have an accretive effect on Valeo's operating margin as from the first year.
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Both companies signed an agreement in February this year for the creation of a joint venture that aims to become the world leader in torque converters for automatic and continuous variable transmissions.
The company, which has about 3,150 employees, will be controlled and therefore consolidated by Valeo under global integration. It is expected to generate annual revenues of around one billion euros, and will have an accretive effect on Valeo's operating margin as from the first year.
Copyright (c) 2017 CercleFinance.com. All rights reserved.