Valeo will acquire automotive drive technology leader Germany FTE Group
Valeo and Bain Capital Headquartered in Germany, Germany's FTE Group is the world's leading manufacturer of truck clutch and gear transmissions. It is highly complementary to Valeo in terms of product line and customer layout. In addition, the addition of German FTE will also strengthen Valeo's business in the automotive aftermarket. It is expected that performance will increase in the first year of completion of the acquisition.
In 2015, Germany’s FTE Group’s sales were approximately EUR 500 million: One-third of it came from post-market operations; 30% of its sales came from outside the European automotive market. With 3,700 employees worldwide, FTE Germany has a diverse company footprint in eight countries including Germany, the Czech Republic, Slovakia, Mexico and China.
It is reported that the acquisition has been approved by European and Brazilian antitrust agencies and is expected to be completed in the fourth quarter of 2016 or the first quarter of 2017.
Jacques Asshenba, chairman and chief executive officer of Valeo Group, stated: “This acquisition perfectly fits the development strategy of the Group’s continuous investment in technological innovation and R&D for CO2 emission reduction. German FTE is a fast-growing one. The high-quality company is also a leading technology company that combines the successful development of 'development' with 'profitability'. This acquisition will further strengthen the strength of Valeo's powertrain system division. We sincerely welcome 3,700 German FTE employees to join the law. Leo family."
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