# Valeo and PHC form Valeo-Kapec torque converter joint venture

Valeo and South Korean partner PHC have obtained regulatory approvals to create a joint venture in torque converters for automatic and continuous variable transmissions. The company will employ around 3,150 people and is forecast to generate annual sales of around EUR1 billion.

- Type: Acquisition
- Announced: 2017-12-01
- Where: South Korea
- Value: $1.19B (1.00B EUR)
- Jobs: 3,150
- Status: announced
- Products: torque converters for automatic and continuous variable transmissions
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Valeo](https://endata.com/companies/655.md) (acquirer)
- [PHC Group](https://endata.com/companies/2478.md) (partner)

## Sources

- [just-auto.com](https://www.just-auto.com/news/valeo-phc-establish-valeo-kapec-torque-converters-jv/), 2017-12-01: "By strengthening our ties with our long-standing South Korean partner and creating this joint venture, we will double our sales of torque converters for automatic and continuous variable transmissions and become the world leader in this high-technology product line."

---
Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.