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.