# Valeo and Pyeong Hwa Group form torque converter joint venture Valeo-Kapec

Valeo and South Korean partner Pyeong Hwa Group agreed to create the Valeo-Kapec joint venture, combining their torque converter businesses. The company, headquartered in Daegu, will be controlled and fully consolidated by Valeo and is expected to generate around EUR 1 billion in annual sales, subject to regulatory approval.

- Type: Acquisition
- Announced: 2017-02-06
- Where: Daegu, South Korea
- 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) (partner)
- [Pyeong Hwa Group](https://endata.com/companies/893.md) (partner)
- [Kapec](https://endata.com/companies/894.md) (partner)

## Sources

- [valeo.com](https://www.valeo.com/en/valeo-signs-an-agreement-with-its-long-standing-south-korean-partner-pyeong-hwa-group-to-creat-a-5050-joint-venture-in-the-transmission-field-the-new-company-will-be-called-valeo-kapec/), 2017-02-06: "Valeo-Kapec, headquartered in Daegu in South Korea, will have a global manufacturing footprint to become the world leader in torque converters."

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