Valeo buy

Valeo has signed a Memorandum of Understanding with Ford Motor Company to acquire their US Thermal Systems facility in Plymouth, Michigan. This acquisition is conditional upon reaching a new and competitive agreement with the United Auto Workers Union (UAW).   The activity currently employs around 1,250 employees (of which about 1,000 are unionised hourly employees) and supplies air-conditioning units and radiators to Ford in North America. It has forecast sales in 2006 of around 450 million US dollars. This acquisition is part of Valeo’s strategy to be a global leader in its core product lines. Valeo Climate Control had sales of 1,510 million euros in 2005 and employs 6,600 people in 13 facilities.