Valeo to sell speed controller assets in Europe, U.S. and China
French auto parts supplier Valeo plans to sell its Telma speed controller business to the business's current management team in a bid to divest its non-core assets.
The business manufactures electromagnetic retarders. Assets to be offloaded include the division's headquarters and main plant based in Saint Ouen l'Aumoe, France, a joint venture plant in China and two distribution centers in the U.K. and the U.S.
The business unit employs 195 people, of which 123 are based in France. It generated 39.4 million euros in revenue in 2009, Valeo said in a statement.
The China-based plant included in the asset disposal plan is Telma Braking System (Shanghai) Co. Set up in suburban Shanghai in 2005, the plant currently supplies more than 30 bus makers in China including Zhengzhou Yutong Group Co. and Xiamen Golden Dragon Bus Co.
