Valeo

Valeo announced contracts with Stellantis and other European and Chinese automakers for thermal systems for electric vehicles, including heat pumps, air conditioning and battery cooling. Valeo has secured more than EUR 4 billion in such orders since the start of 2022.

Valeo has won orders for thermal systems for electric vehicles worth more than €4 billion since the start of 2022, with a major new contract from Stellantis for heat pump systems.

Valeo will build a 4,000 square metre production hall in Žebrák, Czech Republic, for battery cooling modules for electric vehicles. The investment is 450 million CZK, with production due to start at the end of 2019 and up to 1.2 million modules a year.

Valeo and PHC Group completed the Valeo-Kapec joint venture, a torque converter business with about 3,150 employees and forecast sales of around 1 billion euros, fully consolidated by Valeo.

PHC Group and Valeo agreed to combine their global torque converter businesses through a joint venture, KAPEC, with PHC's four foreign subsidiaries becoming wholly-owned subsidiaries of KAPEC.

Valeo has closed its acquisition of FTE Automotive, a producer of actuators with more than 3,800 employees and manufacturing in eight countries, after clearances from the European Commission and the Turkish Competition Authority. FTE had 2016 sales of around EUR 550 million. The price was not disclosed.

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.

Valeo Autosystemy plans to invest at least 101.7 million zloty in expanding its Chrzanów plant with a warehouse and new production lines for car lamps, creating 100 new jobs.

Valeo Autosystemy received a permit to invest 323 million zloty in expanding and equipping its Skawina plants in the Kraków Special Economic Zone, creating at least 150 jobs.