Yesterday, Valeo Group, a well-known parts supplier, announced that the company had acquired an 80% stake in Chery's Robbie automotive lighting system. Chery Technology will still hold a 20% stake in Wuhu Robbie Automotive Lighting Systems. The purpose of this acquisition is to implement the strategy of Valeo in developing and Asian markets.
Wuhu Robbie Automotive Lighting Systems Co., Ltd. was established on September 22, 2005 and is a joint venture invested by Chery and EW AUTOLIGHTS in the United States. Valeo has not disclosed the contract amount after the share purchase. In the future, Chery’s Robbie Automotive Lighting System Co., Ltd. will be renamed “Wuhu Valeo Automotive Lighting Systems†and incorporated into the lighting system business of Valeo - Visibility Systems Business. ).
Valeo CEO Jacques Aschenbroich stated: "This transaction is in line with Valeo's growth strategy in China and Asia and will promote the achievement of the performance targets set for March 2011. Asian markets account for the company's third quarter of 2011 sales The 25% share of the business is expected to exceed 30% in 2015."
It is understood that Valeo is an independent international industrial group that is fully committed to the design, production and sale of parts for cars and trucks, integrated systems and modules, and to the host and aftermarket maintenance markets. Valeo Group is the world's leading supplier of automotive parts and components. The Group implements a healthy financial growth strategy to achieve sustainable development. Valeo currently has a Chinese headquarters in China, 17 manufacturing companies, Valeo parts trading company, Valeo Group Asia Pacific procurement center and three R&D centers.
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