Valeo Announces the Signing of a Memorandum of Understanding for the Acquisition of Ford Thermal Systems Facility in North America.
PR Newswire Europe, December, 2006
PARIS, France, December 4 /PRNewswire/ -- Valeo today announced that it had signed a Memorandum of Understanding with Ford Motor Company to acquire their Thermal Systems facility, Sheldon Road, (Plymouth, Michigan). This acquisition is conditional upon reaching a new and competitive agreement with the United Auto Workers Union (UAW).
The activity currently employs around 1,250 employees (of which about 1,000 are unionized hourly employees) and supplies air-conditioning units and radiators to Ford in North America. It has forecast sales in 2006 of around 450 million US dollars.
This acquisition is part of Valeo's strategy to be a global leader in its core product lines. Valeo Climate Control had sales of 1,510 million euros in 2005 and employs 6,600...
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