Tag Archive | "european commission"

VALEO COMPLETES FTE AUTOMOTIVE ACQUISITION

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VALEO COMPLETES FTE AUTOMOTIVE ACQUISITION


Parts maker Valeo has completed the acquisition of actuator firm FTE Automotive, having received clearances from the European Commission and the Turkish Competition Authority. All FTE employees will transfer to Valeo.

Valeo says that the acquisition will allow it to expand its offering of active hydraulic actuators, a fast-growing market that has benefited from the rise of hybrid and electric vehicles.

Jacques Aschenbroich, Valeo’s Chairman and Chief Executive Officer, said: “With the acquisition of FTE Automotive, Valeo is positioning itself as the technological leader on the actuators market and thereby consolidating its CO2 emissions reduction strategy. This acquisition will help strengthen Valeo’s Powertrain Systems business. We are happy to welcome FTE’s 3,800 employees to the Valeo Group.”

In 2016, FTE Automotive generated sales of around 550 million euros. The company has more than 3,800 employees and a diversified manufacturing footprint in eight countries, including Germany, the Czech Republic, Slovakia, Mexico and China.

Posted in Factor & Supplier News, Garage News, Latest News, News, special newsComments (0)

EUROPEAN COMMISSION FINES A/C SUPPLIERS CARTEL

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EUROPEAN COMMISSION FINES A/C SUPPLIERS CARTEL


The European Commission has fined OE equipment suppliers Behr, Calsonic, Denso, Panasonic, Sanden and Valeo a total of EU €155 million for taking part in one or more of four cartels concerning supplies of air conditioning and engine cooling components to VMs in Europe.

Although the fine has only just been handed out, the offences date back to 2009.

All six suppliers acknowledged their involvement in the cartels and agreed to settle the case. Denso was not fined for three of the cartels as it revealed their existence to the Commission. Panasonic was not fined for one of the cartels as it revealed its existence to the Commission.

Commissioner Margrethe Vestager, in charge of competition policy said: “Even though air conditioning and cooling components are not something you see as products, they are very much something you feel. In this case you might also have felt it in your wallet even though temperatures would still be regulated in your car. Today’s decision underlines that we do not accept cartels that affect the European market, wherever and however they may be organised.”

 

Posted in Latest News, News, special news, UncategorisedComments (1)

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