18.08.2023, 20:35
The French manufacturer of automotive components Valeo sold assets in Russia
Source: OREANDA-NEWS
OREANDA-NEWS The manufacturer of automotive components Valeo sells its business in Russia to the company NPK Avtopribor. This was reported by the press service of the French company.
Valeo has announced the signing of an agreement on the sale of all production assets of the Powertrain Systems division in Togliatti. The completion of the transaction depends on the approval of regulatory authorities, the report says.
It is noted that the deal will save the jobs of 158 employees of the company in Russia. The agreement provides for an option to repurchase assets, which will be valid between 2029 and 2033. The sale of the business will be non-profitable for Valeo and will not entail losses, assets worth €43 million were amortized in 2022. Valeo's sales in Russia accounted for less than 1% of global sales, the company said.
Earlier, the world's largest manufacturer of autocatalysts announced the sale of the plant in Russia.
Valeo has announced the signing of an agreement on the sale of all production assets of the Powertrain Systems division in Togliatti. The completion of the transaction depends on the approval of regulatory authorities, the report says.
It is noted that the deal will save the jobs of 158 employees of the company in Russia. The agreement provides for an option to repurchase assets, which will be valid between 2029 and 2033. The sale of the business will be non-profitable for Valeo and will not entail losses, assets worth €43 million were amortized in 2022. Valeo's sales in Russia accounted for less than 1% of global sales, the company said.
Earlier, the world's largest manufacturer of autocatalysts announced the sale of the plant in Russia.
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