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Valmet Automotive signed an agreement to acquire Semcon's automotive engineering operations in Germany and testing operations in Spain, with about 800 employees and annual turnover of EUR 90 million.
Valmet Automotive and Contemporary Amperex Technology Limited (CATL) entered a strategic partnership in electric vehicle solutions. CATL subscribed to new shares for a 22% ownership in Valmet Automotive. The companies will jointly develop electric vehicle drivetrain solutions and supply battery packs to European automakers.