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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)

VALEO ACQUIRE FTE AUTOMOTIVE

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VALEO ACQUIRE FTE AUTOMOTIVE


valeo fte stitchThe owner of hydraulic component firm FTE Automotive has announced that the company is to be sold to Valeo, subject to the usual legalities.

Established in the late 1940s, the firm has been owned by a number of private equity companies in recent years. Current owner Bain Capital acquired it in 2013 from PAI Partners. In turn, PAI acquired the company in 2005 from HG Capital who had owned it since 2002. HG acquired it from Dana Corporation.

In  recent times, FTE AutomotiveThe company won the 2016 PACE Award (premier Automotive Supplier’s Contribution to Excellence) for its lubrication oil pump and the PACE Innovation Partnership Award for its cooperation with a major German OEM.

 

Rothschild and Goldman Sachs advised Bain Capital on the transaction. Terms of the deal were not disclosed.

Posted in Factor & Supplier News, Greg Whitaker's diary, News, UncategorisedComments (0)

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